Thanks @shovel40, @FlashPoint, @Fiji1 and morning crew.
The share market slumped to a nine-week low as stubbornly high headline domestic inflation and weak Chinese factory data compounded early weakness following a mixed night on Wall Street.
The ASX 200 declined 87 points or 1.2%. Resource stocks spearheaded the retreat. Tech stocks and defensive utilities resisted the sell-down.
The index added to early falls after a sharp rebound in the Consumer Price Index raised the spectre of further rate hikes. The index climbed 6.8% in the year to April, defying central bank efforts to drag inflation back towards 3%. The April reading represented a reversal from the 6.3% reading recorded in March. However, core year-on-year inflation (excluding fuel and other volatile items) eased to 6.5% from 6.9% in March.
A contraction in Chinese factory activity added to market concerns. The official manufacturing PMI fell to 48.8 this month from 49.2 in April. Readings below 50 indicate reduced activity.Personal trading: Trying to be more patient with my trades, which is required when you buy as many cart-horses as I did this morning. Not a lot of whoa-ing needed. Scraped a few coins from EGR and OM1. Added MOH and SLZ with a longer horizon. Steady as you go, lads. In your own time.
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