Miners drag shares lower, Incitec Pivot tumbles on earnings

"I think there's a whole bunch of confusion in the markets," said Matt Sherwood, the head of investment strategy at asset manager Perpetual. "There was a conga line of [US] Fed speakers last week, some were worried they [lifted rates] in May, others were willing to do more in June, and the Fed says we're not going to cut rates this year. But the sharemarket says they're going to cut rates with a soft landing, the bond market says they'll cut rates because of a recession, and in the economy the service sector looks resilient, which is not good for…