ASX FALLS THROUGH 5000

Photo: Francisco Vignale/ MAPFRE/ Volvo Ocean Race via Getty.

Australian stocks have started Friday’s session sharply lower, falling below the 5,000 point level in early trade.

First, the scoreboard after 10 minutes of trade.

  • ASX 200 4943.10 , -67.24 , -1.34%
  • All Ords 5002.70 , -66.05 , -1.30%
  • AUD/USD 0.7016 , 0.0007 , 0.10%
ASX Daily Chart Source: Investing.com

And here’s the sector scorecard. Yet again the only sector pushing higher is the All Ordinaries gold index. Elsewhere it’s a sea of red.

  • A-REITS -1.09%
  • CONSUMER DISCRETIONARY -1.11%
  • CONSUMER STAPLES -1.14%
  • ENERGY -0.01%
  • FINANCIALS -1.83%
  • HEALTHCARE -0.57%
  • INDUSTRIALS -0.77%
  • INFORMATION TECHNOLOGY -1.70%
  • MATERIALS -0.46%
  • TELECOMMUNICATIONS -0.85%
  • UTILITIES -0.29%
  • ALL ORDS GOLD INDEX 2.44%

Overnight, US markets logged their worst start to the year in history, with the key bourses down 2% or more following yesterday’s chaotic Asian trading session triggered by a fire sale of Chinese stocks at the start of trade in Shanghai.

While there may be some movement in retailers with November retail sales due out at 11.30am AEDT, the most influential moment in today’s session – as it has been all week – will be the reopening of Chinese markets from 12pm AEDT.

The PBOC yuan fix will be released at 12.15pm AEDT.

15 minutes later the stock market – after a 14 minute, 7% collapse that ended trade early yesterday – will also reopen.

That will almost certainly determine whether the early losses are sustained, or reversed.

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