ASX FALLS, NIKKEI GETS SMASHED: Here's What You Need To Know

Getty/Bruno Vincent

The Australian market opened the week down, with little guidance from Wall Street, for the fifth time out of six sessions.

In the region, official numbers put Japan officially back in recession. The Yen was weaker and the Nikkei fell more than 2.5%.

All sectors on the ASX closed down with the banks slipping around 1%, led by the ANZ, weaker by 1.3% to $31.90.

BHP was flat at $33.27 and Rio Tinto weaker by 0.25% to $59.90.

First, the scoreboard:

  • S&P ASX 200: 5,412.50 -41.84 (-0.77%)
  • All Ordinaries: 5,396.60 -37.22 (-0.68%)
  • AUD/USD: 0.8790 +0.0031 (+0.36%)

And the top stories on Monday:

1. Japan slipped back into recession by an annualised 1.6% in July-September, likely solidifying the view that Prime Minister Shinzo Abe will delay a second sales tax hike. Markets, including the ASX, reacted by heading down. In Tokyo, the Yen fell against major currencies and the Nikkei fell more than 2.5%.

2. The 175-year-old Elders has delivered a profit for the first time in six years, a $3 million statutory profit, up from a $505.3 million loss. Its shares jumped 5% to close at $0.21.

3. Pacific Brands is in the middle of selling its shoes and licensed brands division Brand Collective so it can concentrate on its growing Bonds underwear and Sheridan sheets brands. Its share were up more than 1.4% to $0.492.

4. The resources sector and agribusiness will be the main beneficiaries of the Australia-China free trade agreement. Negotiations have closed and the agreement will be signed shortly. Full details aren’t yet known, but tariffs on mining and agricultural commodities, including coal, will be removed eventually.

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