The ASX 200 dropped as expected 325 points to 7343 (4.2%). US futures pointing to another realignment of valuation with a big drop in store. Asian markets are playing some catch-up as China comes back from a holiday. Our market bounced off its low this morning of 7169 with the banks recovering some ground. The Big Bank Basket down 5.7% to $232.68, CBA down 6.2% and WBC off 5.6% with MQG turning positive after an 8% fall to close down 0.8%. Financials were squashed, GQG down 1.9% and PPT does 7.3%. QBE were hit hard as bond yields fall down 6.8%. Some winners in finance though with CGF up 8.3% on a strategic stake acquired and ASK also doing well up % on a NBIO. REITS stumbled lower, GMG down 4.3% and SCG off 3.8% despite rate falls. Industrials too under pressure, WES down 4.9% and CPU off 4.4% with QAN falling 3.7%. ALL came up lemons dropping 6.2% and retail in trouble, JBH down 5.9% and LOV off 8.3%. Travel stocks fell, and tech stocks did better than expected, with WTC actually firmer by 2.2%. The All-Tech Index down 3.1%. Resources struggled as global growth expectations were adjusted, BHP down 6.1% with FMG losing only 3.6%. Gold miners saw profit taking but off early lows, NEM down 3.5% after being down twice that.  Oil and gas stocks declined as crude fell, WDS off 5.8% despite selling a US LNG business. Uranium under pressure again, PDN down 9.6% and BOE off 8.7%. In corporate news, ASK got a NBIO from Ki Corp at 147c, CGF saw a Japanese buyer take a 15% stake. Nothing on the economic front. Asian markets played catch up, China down 7.1%, HK off 12.2% and Japan down 6.7%.

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