Thanks afternoon crew.If you're wondering why trading seems...

Thanks afternoon crew.

If you're wondering why trading seems harder lately, one explanation is the Emerging Companies Index has been falling for three weeks. The spec index hit its lowest level of the year this morning. The Small Ords is more stable and hadn't risen as far but still fell 1.8 per cent today. None of this suggests a healthy appetite for risk. But overall, this still feels to me more like the taper tantrum of 2013 than the start of a major correction. In other words, this too shall pass.

Market report to follow shortly.