Steve Daghlian

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Local stocks slide for a fourth day following the budget and bank earnings.

Good afternoon, I'm Steve Daglian.

It's Wednesday the 13th of May.

Welcome to the CommSec Market Update.

Yeah, it hasn't been the best run, four straight days of declines.

We were actually down quite a bit more than that in the early part of the session though, right on the open actually.

So we did at least recover from those lows, but it does mean that we've basically just fallen into negative territory for the month so far.

And that means that since the US-Iran conflict first started in late Feb, we're down by roughly 6.5%.

Now, today though, at least it really came down to the big banks, which have wiped out something like 100 points

from the ASX 200.

So not including those, the market would have actually been doing okay today.

The big event of the week, of course, for us, the federal budget that was handed down last night.

As usual, many of the key initiatives were already flagged and leaked by the government.

So typically is not a real share market moving events, but there were some changes

announced to capital gains tax, negative gearing.

That's received a bit more attention than we typically would see from the federal budget and along with savings on the NDIS.

The impact on the share market, we'll get to that in a little more detail later on in the podcast.