Good Afternoon, Shares traded lower today… losing 20 points… With weak commodity prices with disappointing Chinese factory data… it’s no surprise. China's factory activity shrank more than initially estimated in July, contracting by the most in two years as new orders fell. The final Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 47.8 in July, the lowest reading since November 2011, from June's 49.4. Reporting season officially commences this week! Analysts are expecting a fairly flat earnings season with few surprises, a moderate lift for equities and reliable dividends. The key themes will be the low iron ore price, the higher US dollar, capital head winds for the banks and flat retail sales. The banks were flat. ANZ closed unchanged, CBA fell 0.22%, NAB fell 0.52% and WBC fell 0.03%. CHART OF THE DAY – Even though the banks have outperformed last few weeks, they are still trading within their forward P/E multiple price ranges See below SUN to report tomorrow... focus will be on insurance margins and the outlook statement will be key