AUSTRALIAN STOCKS DIVE AGAIN: Here's what you need to know

A swimmer dives under a wave at Palm Beach in Sydney. Mark Tipple / Barcroft Media / Getty Images

Australian stocks retreated further.

The scoreboard:

  • S&P ASX 200: 5,197.50 -30.50 -0.58%
  • All Ordinaries: 5,284.70 -28.12 -0.53%
  • AUD/USD: 0.7430 -0.0032 -0.43%

The ASX fell for the second session in a row, dropping by as much as 1.5% in early trade before making up some lost ground late in the afternoon.

The major banks and the big miners led the slide, following a rout overnight in Europe and the US sparked by renewed fears over the impact of Brexit, the UK’s withdrawal from the European Union.

Among the bad news was that UK property trusts Aviva, Standard Life and The Pru had suspended redemptions.

On the local market, BHP was the major drag, falling 3.8% to $18.71. Among the banks, the ANZ was down 1.8% to $22.96 and Westpac 1.1% to $28.20.

Fantastic Holdings fell 5% to $2.12 when the furniture retailer announced the closure of its Le Cornu business in Adelaide and a charge of a $9.1 million.

Gold miners surged as investors sought the traditional safe-haven of the precious metal. Evolution was up 6.5% to $2.95, St Barbara almost 4.5% to $3.49 and Northern Star almost 4% to $5.75.

The top stories Thursday:

1. Fading yields. Benchmark Australian 10-year government bond yields are plunging, falling to a fresh record low of 1.857% on Wednesday.

2. Up to $1 billion. The Good Guys, already being pursued by two bigger retailers, now has its house in order to float on the ASX later this year.

3. Gilt edged investment. Gold is flying, hitting a fresh multi-year high.

4. Election 2016. Former Treasury secretary and now NAB chairman Ken Henry on politicians failing to meet economic reform challenges.

5. The Godfreys CEO goes. Kathy Cocovski has resigned from the vacuum cleaner retailer after just six months in the role. The company’s shares closed almost 1% weaker at $1.04.

6. The fintech Airwallex. The Melbourne-based startup has secured $US3 million (almost $A4 million) funding from Gobi Partners, the Hong Kong-based investment manager of Alibaba’s venture capital fund, and a group of angel investors.

7. Commodity blues. The trials and tribulations for markets over the past year in one table.

8. Bad behaviour. Women are more likely to be sexually harassed when they are managers.

9. A refund? This Telstra phishing scam is tricking lots of people.

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