ASX finishes lower, China rate cut disappoints

The news: The ASX 200 finished 0.46% down on Monday to 7,115.5, while the Australian dollar dipped to 0.64 US cents. China cut its one-year loan rate by less than expected and left its five-year rate unchanged, dampening hopes of more aggressive monetary loosening to ease concerns about a potential property crisis.

The numbers: Most sectors finished the day in the red, with communications, IT, financials, health care and consumer staples all losing more than 0.85%. Iress shares lost 35.5%, following weak results and reduced guidance. Premier Investments jumped almost 13% after it foreshadowed record sales and talked up potential key brand demergers. Breville was another strong performer, lifting 10% on the back of strong earnings.

The context: BHP, Coles, Woodside, Allkem, AUB Group, Scentre and Kogan are among companies reporting earnings tomorrow.