The ASX just had its biggest fall in more than six months

(Stefan Postles / Getty Images)
  • The ASX200 just posted its biggest one-day fall since March 23.
  • It coincides with a sharp selloff in Chinese markets, which returned from a one-week holiday.
  • Falls on the local index were led by resources stocks, while all of the big banks were also lower.

The Australian stock market wasn’t spared from a brutal session on Asian markets today.

The local index finished down 1.38% for the session — its biggest one day fall since March 23.

At 6,100.30, it marks the lowest close since mid-June and the index has now lost 4.3% from its recent high reached on August 30.

It follows another sharp decline on US markets on Friday night, following last week’s surge in US bond yields.

And today’s falls coincided with a brutal session on Chinese markets, which reopened after a one-week holiday.

Falls on the local index were led by resources and materials stocks.

BHP (down 2.58%) and Rio (down 1.52%) both fell sharply, while iron ore miner Fortescue finished 4.24% lower.

And there were heavier falls for BHP spinoff South32, which was down more than 5%.

All of the big four banks finished deep in the red, with falls led by ANZ (down 2.53%).

Earlier this morning, ANZ flagged a $374 million expense charge related to customer compensation payments stemming from misconduct in its wealth management division.

Elsewhere, the ASX200 consumer staples sector was the best performer. Harvey Norman and Solomon Lew’s Premier Investments were some of the few bigger names on the index that finished in positive territory.

And shares in accounting software MYOB surged almost 20% after news broke this morning that it has received an unsolicited takeover offer from private equity giant KKR.

Here’s a summary of how all the major sectors performed:

  • A-REITS -0.22%
  • Consumer Discretionary -1.03%
  • Consumer Staples -0.66%
  • Energy -1.76%
  • Financials -1.33%
  • Healthcare -1.16%
  • Industrials -1.23%
  • Information Technology -0.34%
  • Materials -2.44%
  • Telecommunications -1.50%
  • Utilities -0.87%
  • All Ords Gold Index -0.32%

While the fallout from rising US bond yields continues to reverberate across global stock markets, US stock futures are holding steady in afternoon Asian trade.

A short time ago, futures markets for both the Dow and the S&P500 were pointing to a flat open when US markets open.

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