Market Wrap / under pressure

The S&P/ASX 200 extended its decline, shedding 0.52% to 8,803.50 points this Tuesday, as a batch of companies traded ex-dividend, and consumer sentiment revealed concerns about the economic outlook.The banks were a notable drag on the market’s performance. Westpac receded by 0.74% as Morgan Stanley cut its target price, citing competition concerns. ANZ fared better as it will shed 3,500 jobs in the next year.In other company news, BHP settled its Samarco dam colapse class action, agreeing to pay $110 million to Australian shareholders. Shares fell 1.09%.Elsewhere, gold miner Genesis Minerals received approval to build the Tower Hill Mine in Western Australia. But the stock did not benefit as much as other defensive plays like Ramelius Resources, up 2.67% this Tuesday. Meanwhile, Telix Pharmaceuticals was 2.58% as it reached an agreement with the US FDA to resubmit its application for a brain cancer imaging agent. New economic data from China is expected tomorrow, with CPI numbers expected lower. And Brambles, Medibank and IDP Education will be trading ex-dividend.