Thanks afternoon crew. Gnarly session. Heavy selling pressure on a few recent runners. Felt like the instos getting set for a downleg. Not a huge surprise considering the scale of the recent rebound.
End-of-day summary:
Australia's longest run of daily stock market gains since August ended this afternoon as signs of slowing in China's economy compounded weak signals from US stock futures.
The ASX 200 rolled over to a loss of 49 points 0.58%.
Gains for gold miners, utilities and telcos were outweighed by declines in bulk metal and energy producers, REITs, banks and tech companies.
A partial morning recovery unravelled after China released data showing industrial production, retail sales and fixed asset investment all expanded at a slower pace last month than the previous month as tariff uncertainty took its toll.
The local market opened under pressure after ratings agency Moody's stripped US credit of its coveted triple-A rating. S&P 500 futures sank 0.98% this afternoon as US government bonds sold off. The yield on 10-year US treasuries climbed almost four basis points to 4.52%. The 30-year yield touched 5% for the first time since April. (Yields move inversely to price.)
