The ASX 200 drifted 28 points lower to 8709 (-0.3%) as Michele Bullock’s lunch time speech partly dashed rate cut hopes for August. Banks flat with CBA unchanged and the Big Bank Basket at $274.86 (+0.2%). MQG had a nasty day as its AGM saw selling down 5.1% as the CFO retired and earnings softened. Other financials also under a little pressure, CGF down 2.9% and QBE off 1.2%. ZIP had a good day up 4.7%. REITs slid on higher rates, GMG down 0.8% and GPT off 1.2%. Industrials pretty flat too. Tech eased back, XRO down 1.2% and TNE off 2.3%. CPU dropped 3.3% with BXB falling 1.5%. TLS also slipping away with healthcare stocks remaining firm, CSL up 1.5% again.

Resources mixed, LYC up 5.0% on a JV as MIN gained 4.7% on lithium buying and LTR turned from early losses to close up 3.2%. FMG production numbers were solid, pulling out of hydrogen also a positive up 4.3%. Gold miners lid, NST down 2.4% and EVN off 2.7%. Uranium mixed, BOE fell 6.4% on resignation of CEO, PDN recovered slightly. Coal saw sellers back.

In corporate news, BAP was punished for a triple whammy of director resignations, bad debts and earnings downgrade, finishing down 28.4%. DRO fell 5.9% after another order win, CMM off 3.4% as it bid for WA8. In economic news, Bullock’s speech trimmed rate cut hopes. Asian markets solid. Japan up 1.9% on trade deal relief. HK up 0.4%. China up 0.4%. 10-year yields up to 4.37%. US futures mixed.

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