ASX 200 lost another 40points to 7716 (0.5%) ahead of Fed meeting and US CPI.  Once again, resources were the biggest culprits as iron ore remains under pressure, BHP fell 0.6% and RIO off 1.5% with base metals falling, S32 continues to soften down 0.8% and PLS falling 2.9%. Uranium stocks on the nose as spot prices head lower, BOE down %, DYL down % and NXG falling hard. Gold miners were mixed to weaker, NST down 0.7% and NEM off 0.5% with gains in EMR. Oil and gas slightly higher as WDS put on 2.6% on a broker upgrade. Banks were a little sloppy with the Big Bank Basket down to $214.33 (-0.5%). CBA down 0.7% and NAB down 0.4%. MQG off 0.7% with REITs slipping, SCG off 0.6% and GPT falling 1.4%. Industrials weaker again, WES off 1.3% with utilities slipping, ORG off 0.9% and Tech off slightly. The All-Tech Index down 0.6%. Retail mixed as JBH up 1.9% with PMV off 0.5%. BAP had a good day, up 1% as brokers speculated that there could be competition for the company. In corporate news, SUL appointed a new chair. Talk on the impending GYG float with one research house questioning the valuation. On the economic front, Chinese prices rose less than expected in May. The CPI rose 0.3% from a year earlier. In Asia, Japan slipped 0.7%, HK dropped 1.1% and China up 0.2%. 10-year yields steady at 4.29%.

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