The ASX 200 fell 124 points to 9077 (1.3%) as events in the Middle East started to catch up. Comments from Michele Bullock on rate rises didn’t help sentiment. Although the RBA is as in the dark as the rest of us in terms of implications. Across the board losses as resources saw profit taking, BHP fell 2.6% and RIO dropped 2.4%. Gold miners eased back after gains yesterday, leverage again being unwound. EVN down 4.5% and NEM off 2.0%. Rare earths and lithium fell hard, PLS dropped 6.8% and MIN off 6.1%. Oil and gas firmed, but not getting carried away. WDS up 0.8% and KAR up another 1.7%. Uranium stocks firmed too, PDN up 0.4% and coal better, WHC up 3.2% as coal prices spiked.

Banks eased back slightly with the Big Bank Basket up modestly to $302.82 (+0.2%). MQG dropped 1.7% but MFG soared 21.9% on the Barrenjoey deal and placement. Insurers slipped but REITs hit hard as bond yields rose. GMG down 2.4% and CHC off 2.2%. Healthcare stocks fell led by CSL down 1.4% and FPH down 1.5%. WES dipped 3.6% with retail stocks falling hard on rate rise fears plus higher petrol prices. JBH down 3.2% and APE fell 5.6%. Travel stocks remain on the nose, FLT down 1.8% and WEB falling 2.0%. Tech held up relatively well, WTC off only 2.3% and XRO down 1.4% with the All-Tech Index down 2.3%.

In corporate news, TWE fell 1.7% despite the French billionaire increasing his stake. CSC fell 8.1% despite record revenue and EBITDA failing to meet expectations. 360 ditched despite a maiden annual profit. NEU sold down 8.8% on news Acadia has requested a re-examination of EU ruling.

On the economic front, consumer confidence fell 3.1pts last week.

Asian markets weaker, Japan fell 2.7%, HK off 0.1% and China up 0.2%. South Korea down 5.7%. It had a holiday yesterday!

10-year yields jump to 4.76%

US Futures down DJ off 317 pts and Nasdaq down 275.

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