ASX 200 drops 0.5pc to five-week low on weak consumer confidence, hawkish RBA minutes

The sharemarket fell to a five-week low amid concerns about the economic outlook. Consumer confidence has tanked and the RBA board minutes flag more rate hikes. Consumer-exposed stocks hardest hit.

RBA minutes, corporate deals and overseas developments are underpinning local equity sentiment. Picture: Gaye Gerard

Welcome to the Trading Day blog for Tuesday, May 16. ASX closed down 0.5 per cent at a five-week low as consumer confidence dives, RBA minutes flag more rate hikes and China's economic data disappoint. 'Roll back' on gas interventions possible: ACCC. New Hope facing fresh New Acland legal fight. James Hardie soars.

The S&P/ASX 200 index fell 0.5 per cent to a five-week low of 7234.7 points.

Losses broaden and extend after a slump in consumer confidence, hawkish RBA minutes and disappointing China economic activity data.

The Aussie dollar is trading around US66.93c.

Originally published as ASX 200 drops 0.5pc to five-week low on weak consumer confidence, hawkish RBA minutes