12 May 21 - Profit Taking, Aussie Budget | QBE Insurance Global markets were  lower overnight  (S&P 500 index -0.9%) as the pull-back in global markets continued> Overnight losses were not limited to the tech sector but more broad based, as investors took profit after US markets reached record high on Friday.  Energy (-2.6%) and Financials (-1.7%) were the worst performers, while Materials (+0.4%) was the only sector in the green. Technology shares (-0.2%) started the session sharply lower but managed to limit losses as investors were willing to buy the recent 'dip', with the Nasdaq closing almost flat after opening down -2%. Interestingly, two US Federal Reserve speakers – Brainard & Mester, used the same wording that the ‘outlook is bright’ to describe the economy, while acknowledging last week’s weaker employment figures.  European markets fell sharply (STOXX 600 index...