A gap down on open was followed by an attempt to recover in morning trade. This was quickly negated through late morning to then drift until a further sell off in the last hour and a half of trade. The XJO closed down 35.9 points, losing 0.8% for the day on average volume. Gold was the only sector to exhibit any strength to close in positive after commodity gains overnight. Financial stocks continued to feel the pressure amid speculation of further interest rate rises. CPI figures were released today to which saw the consumer price index and underlying inflation rise 0.9%. The Australian Dollar had a solid session overnight as the US Dollar cam under pressure. US markets had a reasonably sedate session, the Dow Jones down 0.73% whilst the Nasdaq held up well, closing down just 0.1%. US futures are down slightly at the time of writing.

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