Thanks Oscar and morning crew.
Half-time round-up:
Shares fell for a second day as weak housing data and disappointing earnings from Bendigo Bank weighed on the financial sector.
The ASX 200 retreated 31 points or 0.5% to 6040 mid-session as gains in resource stocks were outweighed by falls in yield sectors. The financial sector eased 1.6% as the relief rally following the end of the Royal Commission faded. Bendigo Bank lost 5% after reporting a decline in first-half profit. Managing Director Marnie Baker attributed the decline to tighter lending standards and increased regulatory costs in the wake of the Hayne Commission - factors also likely to affect the big four banks.
Also pressuring lenders was news that building approvals slumped a seasonally-adjusted 8.4% between November and December, adding to concerns about the housing industry. Apartment approvals bore the brunt of the decline, with the December figures down a whopping 38% on December 2017.
Gold miners were the best of the sectors, rising 1.2%, ahead of metals & mining +1.1% and consumer staples +0.2%. The Small Ords outperformed the bigger end of the market, rising 0.5%. Notable declines besides financials included utilities -1% and health -0.9%.
US futures pulled back following a mixed close to trade on Friday. S&P 500 futures were recently down 5.25 points or 0.2%. On Friday, the S&P 500 edged up 0.07%, while the Dow lost 0.25%. Trading was depressed by reports that trade talks between China and the US have yet to produce a draft deal ahead of a March 1 deadline.
Asian markets were mixed. China's Shanghai Composite ticked up 0.25%. Hong Kong's Hang Seng dipped 0.06%. Japanese markets were closed for a public holiday.
Crude oil futures dived 79 cents or 1.5% this morning to $US51.93 a barrel. Gold futures drifted $1.20 or 0.1%lower to $US1,317.30 an ounce. The dollar was buying 70.98 US cents.
Looks like a standard retrace underway on our market. Unsurprising after the ASX's strongest week in two and a half years. Market needs a few sessions to digest that big move. Trading: annoyed at missing the breakout in TYM - should have set an alert. Took WZR on pullback.
