ASX 200 drifted 16 points lower to 8126 (0.2%) as the ‘Great Rotation’ continues with banks weaker and resources pulling away. BHP up 3.8% with RIO up 3.8% and MIN rising 5.4%. Base metals also in demand, S32 up 3.0% and LYC up 4.3% with lithium stocks slightly higher. Gold miners are also in demand as records tumble, NST up 0.8%, and EVN up 1.8%. Oil and gas mixed, coal stocks better led by WHC up 3.6% and uranium stocks taking a break. Banks eased, the Big Bank Basket fell to $235.70 (-2.0%). CBA down 2.3% and NAB off 2.7% with MQG down 2.2% after a fine for electricity trades. Insurers slid, QBE down 1.6% with REITs steady, GMG up 0.1%. Healthcare fell, CSL down 0.3% and RMD falling 2.2% with PME under pressure off 4.0%. Tech slipped, the All-Tech Index fell 1.5% with WTC down 1.2% and XRO off 1.2%. ALL fell 3.0% as LNW unchanged after it rallied hard off lows.  In corporate news, PMV fell 9.1% after putting its ‘Smiggle’ on ice, MYR deal still live. SIG released results and yet another ACCC delay on Chemist Warehouse listing.  In economic news, CPI dropped to 2.7%, monthly numbers though. China cut another short-term rate. Asian markets firmed again, Japan up 0.4%, China up 2% and HK up 1.6%. 10-year yields at 3.90%.

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