Australian Investment Blog

• The ASX 200 drifted lower throughout the day, losing 70 points (-1.2%) to 5878, down 1.5% for the week. Today’s broad market selloff was due to investors taking $$$ off the table as the December bank bills indicates an anticipation of only one rate cut this year.• The ‘Big 4’ banks led the way back into the red sea. Commonwealth (CBA) shed $0.93 (-1%) to $91.98 while National Australia Bank (NAB) lost $0.63 (-1.6%) to $38.72.• The Resources sector was also a drag; Fortescue Metals (FMG) lost 4.4% to $1.87 after trading 1.3% higher at $1.98 earlier in the session.• Please watch out for the Hickman report tomorrow.

Best Sector –EnergyWorst Sector – Consumer Discretionary