Market Wrap / streak snapped

Concerns about the health of the US and Chinese economies clouded the investor picture this Monday. The S&P/ASX 200 Index finished the session lower by 0.6% to 8295.10 points.

China’s retail sales came in lower than expected, while its industrial output slowed down from March, although still above expectations. 

This was bad news for the mining sector, also pushed in the red by company news, falling 1.6%. New Hope downgraded its coal production guidance at one of its main mines, and the stock dropped 7.1%. Elsewhere, Mineral Resources was 8.8% lower as it changed its Chair. However, gold miners pushed ahead, with Newmont up 2.5% at the end of the session.

In the financial sector, CBA made gains, with the largest stock 1% higher. 

The tech space limited its losses, but was still in the red. 

Overnight, the US markets are set to react to Moody’s being the last major credit agency to downgrade its outlook on US debt.

Ahead tomorrow, the focus will be on the RBA, widely expected to cut the cash rate to 3.85%.