The ASX 200 started the quarter down 61 points to 8209 (-0.7%) as resources and banks fell back to earth. China closed for Golden Week. BHP fell 2.9% with FMG off 3.5% and RIO down 2.6%. Base metals also slipped a little, S32 down 2.7% but lithium held up better, PLS up 0.6%. LTR down 2.5% though. Gold miners saw profit-taking and rotation. GMD down 1.0% and DEG off 4.3%. Oil stocks saw small losses despite Asian crude picking up a little, uranium stocks also better surprisingly. DYL up 4.7% and PDN up 1.9% with coal stocks better. Banks were back in the firing line with CBA down 1.5% and the Big Bank Basket down to $231.81 (-1.3%). MQG dropped 1.7% with insurers too under pressure, QBE slipped 1.6% and SUN down 2.0%. Healthcare stocks were better, CSL up 0.7% and RMD up 1.5% on a five-year update. Industrials were a little weaker, ALL down 0.9%, LNW falling 2.8% with REA 4.9% better on news it had pulled out of the UK bid. Retail flat despite stronger than expected sales data. In corporate news, NAM up 8.5% on a revised winning bid from LDC. SIG rallied hard, up 22.6% on a Chemist Warehouse update from ACCC. On the economic front, retail sales and building approvals did little to move the market. Asian markets limited, Japan up 1.9%. 10-year yields picked up to 4.01%.

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