It was a case of choose your poison as to why the market closed lower today: a poor US lead, surging bond yields, commodity price drops. There was a range of company news, not all good. Pendal rejected the Perpetual bid on the basis of not being in the interest of shareholders. Iress pulled the pin on divesting its UK mortgage book. Lynas reported record sales in its update, but after a stellar run closed down 2%. Three-year highs in bond yields is the writing on the wall for the “growth at all costs” tech model. However, the bottom of the ladder was for Imugene, down nearly 9%, followed by City Chic and Z1P to round out the bottom three. It's another big week for central banks with commodity-cousins Bank of Canada and the RBNZ poised to hike by 50 basis points tomorrow. Overall, the S&P/ASX200 closed down 31 points, or 7454.

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