ASX extends its decline

The news: The ASX 200 Benchmark sunk to its lowest closing level in a year on Monday, shedding 0.82% to 6,844.10. The local bourse took its lead from Wall St's broad based selloff on Friday. The Aussie dollar is buying 63.1 US cents, holding its position in a tight range for now. Oil prices eased slightly as the arrival of aid in the under-siege Gaza strip helped simmer fears of a regional confrontation in the Middle East. West Texas futures are selling for USD88.2 per barrel, and Brent is hovering around the USD90 per barrel mark.

The numbers: Energy and materials stocks led the ASX lower, losing 3.0% and 2.3% respectively. Health care stocks lifted 1.5%, while financials lost half a per cent. BHP, Fortescue and Rio all lost more than 2.5%, and South32 fell 3.4% after its guidance affirmation failed to overcome production reductions at three of its mines. Memory technology company Weebit Nano continued its rally, gaining 14.6% today to lift almost 37% since announcing its licensing deal with South Korean chip foundry DB HiTek last Thursday.

The context: Bendigo Bank, Ansell and EBOS Group will all hold AGMs tomorrow, and flash manufacturing PMI data is due at 9am AEDT. RBA governor Michele Bullock will speak at CBA's Global Markets Conference on Tuesday night. Federally, senate estimates will be taking place all week.