Australian stocks fell hard after two days of gains.
Here’s the scoreboard:
- S&P ASX 200: 5,095.00 -126.13 -2.42%
- All Ordinaries: 5,116.90 -119.99 -2.29%
- AUD/USD: 0.7017 -0.0000 -0.01%
All ten sectors were weaker following losses on Wall Street overnight with the S&P 500 closing down 1.39%.
The ASX 200 is now up just 0.67% so far this week after rising 2.02% on Wednesday and 1.69% on Tuesday.
The major banks and the big miners were all weaker today. The NAB was down 3.39% to $30.21 and BHP 2.52% to $24.03.
Energy stocks lost 3.5% after an overnight fall in the price of oil. Woodside was down 2.27% to $29.22 and Santos lost 4.82% to $4.44. LNG lost 12.6% to $2.08.
Among the few stocks to stay steady, Qantas was up 0.28% to $3.55 on the prospect of lower fuel prices.
The top stories for Thursday:
1. Asian stocks tumble. Asian stocks, after enjoying a stellar session on Wednesday, were wallowing in the red.
2. Australia’s slow but sure jobs improvement. The labour market exceeded expectations in August.
3. Iron ore blues. Atlas Iron hit positive cash flow last month as prices kept rising and the troubled miner shipped more iron ore. Its shares jumped as much as 10% but closed up more than 6% to $0.033.
4. Pay gaps. PwC Australia thought it was doing the right thing by all its 6300 employees. Then an audit found it was paying its female staff less than men.
5. There’s one case under which the RBA could hike rates, and it’s a strong one.
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