The ASX is getting smashed as Chinese yuan weakens

Photo: Getty Images

Australian stocks are selling off this afternoon, led by the big miners, after the yuan weakened again.

The market was already trading lower when the Chinese currency fell and Australian stocks followed the slide.

All ten sectors on the ASX were in the red, with BHP shedding more than 4% to $25.12 and Rio almost 6% to $51.41. Fortescue Metals had lost more than 6% to $1.82.

The energy sector was down more than 3%, with Santos 4.5% weaker at $6.51 and LNG more than 7% at $2.84.

The negative sentiment about Australia’s biggest export market spread to the banks had been the bright notes in early trade.

The NAB was down 2.2% to $31.74, the ANZ 2.1% to $29.44 and Westpac 1.56% to $31.55.

A series of weak profit results added to the negative sentiment, so much so that Michael McCarthy, chief market strategist at CMC, said the market looked like a buy.

“Good trading and investing takes nerve,” he wrote on his blog. “Today, the Australia 200 index reached a level where in my view it is a clear BUY.”

Biotech CSL was down more than 2% to $92.87 after announcing a below expectation 6% rise in full year profits to $US1.38 billion.

Computershare lost 10% after it posted a 38.9% fall in statutory profit to $153.6 million. The shares were trading at $10.52.

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