Australian stocks fell again.
Here’s the scoreboard:
- S&P ASX 200: 5,037.70 -42.75 -0.84%
- All Ordinaries: 5,087.50 -42.36 -0.83%
- AUD/USD: 0.7290 +0.0060 +0.84%
The ASX 200 has lost 2.2% so far this week.
The Australian market at one stage sank below the key 5000 point mark on the ASX 200 index, recovered later in the day but still closed down for the third session in a row.
The drop came on surprisingly strong jobs data which the market saw as meaning another cut in rates is less likely.
The banks were the main drag on the market today, with Westpac closing down 2% to $31.41 and the other majors were close behind. The ANZ lost 1.8% to $28.43, the Commonwealth 1.7% to $78.90 and the ANZ 0.9% to $26.19.
BHP added 1.87% to $17.48 and Rio Tinto 2.4% to $43.06.
The top stories Thursday:
1. Those jobs numbers. Can they be believed? Here’s what economists are saying about Australia’s unbelievably strong jobs report.
3. Australian gambling to the UK. Tabcorp and News Corp are launching a joint online wagering and gaming business in Britain and Ireland. Tabcorp shares fell 1.2% to $4.61.
4. Building US warships. Austal has issued a profit warning over its ship building operations in the US. Its shares fell more than 25% to $1.70.
5. Is it worth digging up? BC Iron has gone into a trading halt while it considers whether or not to continue mining at Nullagine, its main asset in the Pilbara, one its shares with Fortescue.
6. Banking Banana Skins. Here are the 10 things the world’s top bankers are most worried about right now.
7. Need a place to live? Many new homes in Australia sit vacant as foreign investors bank on capital gains.