AUSTRALIAN STOCKS CRUSHED: Here's what you need to know

Frank Herbst crushing drink cans in Hamburg, Germany. Christian Augustin/Getty Images

Australian stocks got smashed today, following global markets down and losing $24 billion in market capitalisation.

Here’s the scoreboard:

  • S&P ASX 200: 5,821.80 -77.06 (-1.31%)
  • All Ordinaries: 5,793.50 -75.09 (-1.28%)
  • AUD/USD: 0.7693 -0.0029 (-0.38%)

Wall Street fell on Friday with the S&P 500 index closing down 1.4%, as investors reacted to the prospect of an earlier rise in official interest rates.

The Australian market gave away 1.3% of the 9.5% it’s gained since the start of 2015.

All sectors lost ground with the major banks, led by the NAB down 0.9% to $37.63, all weaker. Among the miners, BHP was down 1.5% to $32.15 and Rio Tinto 1.97% to $59.20.

1. Time to cash out? Why Goldman Sachs thinks it’s time to sell Australian banks.

2. Recession is coming? This hedge fund manager says there is nothing the RBA can do to save Australia.

3. Perplexing. Job ads in Australia have risen for nine months in a row and trended higher for 16 consecutive months.

4. QBE Insurance, which posted a 292% rise in profit to $US742 million for the full year to December, was up 2.83% to $13.81. It’s risen more than one-third from a low of $10.13 in January.

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