The ASX 200 fell another 135 points to 7375 (-1.8%). At one point the market rallied to a drop of only 75 points as banks found defensive buyers. Resources were the point of pain as commodities fell on global growth and Chinese economic output. BHP fell 3.5% and FMG crashed 4.2% with LYC bucking the trend rising 2.0% as gold miners held relatively steady with bullion pushing higher. MIN fell 12.1% with PLS off 8.4% as NIC fell 14.1%. BSL continues to suffer, down 3.7%. Oil and gas stocks, dropped hard, STO down 5.7% and WDS off 3.7% with uranium under pressure again, PDN down 4.5% and DYL off 7.7%. Coal stocks fell too. Banks held up better, CBA up 0.5% with NAB down 0.7% and the Big Bank Basket down to $237.07 (-0.3%). Healthcare was hit, CSL down 5.0% on pharma taxes to come. COH also falling 2.6% with REITs down too. GMG off 1.6% and VCX falling 1.4%. Industrials were weaker across the board, WES fell 0.6%, WOW and COL eased with QAN down 4.0% and retail trying hard to hold the line. Tech stocks fell back to earth, WTC down 1.8% and XRO off 0.9% and the All-Tech Index down 1.9%.

In corporate news, RPL fessed up to the FUM loss due to OPT and fell hard, down 11.9%. On the economic front the RBNZ cut rates by 25bps. Asian markets were volatile, Japan whacked again down 4.2% with China positive despite the 104% tariffs. HK down 1.6%.

10-year yields pushing up again. Long-dated yields are surging, whilst short-dated yields are falling. US 30-year now at 4.9%. Dow and NASDAQ futures both down 1.8%.

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