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The S&P/ASX 200 slumped 0.95% to 7047, dragged lower by losses across all sectors. The largest declines were seen in consumer discretionary, financials, information technology and real estate which skidded more than 1%. The weakness came ahead of the Jackson Hole Economic Symposium, headlined by a speech from Fed chair Jerome Powell. There was little reaction to China cutting another key interest rate, the latest step in a long string of easing measures. It was not a good day for Adbri and Reliance Worldwide which were poleaxed following their results, tumbling 16.9% and 6.5% respectively. Magellan was another big loser, hit by renewed market turbulence as it traded ex-divided. It slumped 9.3%. Ramelius Resources slid 7.2% after a significant asset write down. As for the winners, results from EML Payments, oOh!media, NIB and Cooper Energy were cheered by investors, helping them to post gains of between 4.5% to 9.3%. Nearmap was also flying high as its board unanimously backed the takeover offer lobbed by Thoma Bravo. Shares in the aerial mapping firm climbed 5.6%.

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