Milking it 🍼

Investors took risk off the table to close out May, logging the second monthly decline in a row. After big gains in the previous two sessions, it was a soggy day all round with every sector finishing lower, led by consumer discretionary, financials, technology and telecommunications which all skidded by more than 1.5%. Not even better-than-expected final GDP inputs were enough to get investors excited, all but confirming Australia’s economy was purring earlier this year. Nor was there any enthusiasm over an improvement in China’s official PMI reports for May. The S&P/ASX 200 slumped 1%, falling 75.4 points to 7211.2. For the month, the benchmark declined 3%.

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