Commodities took another step down overnight, so the local market opened lower and stayed in a very tight trading range all session. Diplomacy talks were interpreted as a signal to sell resources and safe havens, and allow the Fed to hike even more this year, sending bond yields higher and tech stocks lower. Where did the growth money go? Well, financials performed well after some positive broker reports. Energy, gold and tech made up the majority of laggards. Uniti Group jumped 17% on reports of takeover talks before being placed in a trading halt; it closed 28% higher after confirming late afternoon that it had indeed received a $4.50 per share bid. So, while the S&P/ASX200 closing down 0.7% lower isn’t anything to celebrate, Hong Kong was smashed by +4%. 

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