Australian shares closed lower.
- S&P ASX 200: 5,359.80 -83.03 -1.53%
- All Ordinaries: 5,442.10 -81.18 -1.47%
- AUD/USD: 0.7687 +0.0041 +0.54%
The ASX200 dropped below 5400 and kept falling.
The big banks led the pack with the Commonwealth losing 1.48% to close at $74.12, Westpac 1.1% to $30.54 and the NAB 1.3% to $27.42.
BHP shed 1.9% to $22.75 and Woodside Petroleum also lost 1.9% to close at $28.36.
Shares in Ardent Leisure, the owner of the Gold Coast theme park Dreamworld where four people died, fell 14.9% to close at $2.00.
Ainsworth was down 10.4% to $1.810 after issuing a profit warning, based on a 30% drop in the number of gaming machines it has sold during the first half of the financial year.
Resmed dropped 3.8% to $8.08 after the sleep apnea device maker posted 5% rise in underlying first quarter revenue of $US432.4 million.
Bega Cheese shares were hit again, following a 16.8% fall on Tuesday, after its warning on sales of infant formula to China. Its shares closed almost 3% lower at $5.24.
The top stories:
1. Inflation starts to bite. Headline CPI rose by 0.7% for the September quarter, leaving the year-on-year increase at 1.3%. Also read: The dollar is back above 77 cents after the big inflation print.
2. The view from economists. Here’s what they are saying about Australia’s inflation report.
3. The interest rate game. If financial markets are anything to go by, the odds of another rate cut on Melbourne Cup day appears to be a long shot.
4. Sales growth at market leader Coles is slowing. The big supermarket chain reported a rise in headline sales of 2.9% to $7.9 billion in the September quarter. This was slower than the full year 5.8%. Wesfarmers shares lost 5.7% to close at $41.45.
5. Investor confidence is rising. Global investors are still actively moving money back into risk assets. That’s the message from the latest State Street Investor Confidence Index.
6. TV2U gets a deal in Indonesia. The aggregator of video, karaoke and gaming content signed with Indonesian government telecommunications company PT PGAS Telekomunikasi Nusantara. Its shares were up 26% to $0.019.
7. Getting on top in the China market. Australian products sold to China could soon come under a “one brand, one logo” labelling strategy as exporting deals ramp up following the recent free trade agreement.
8. Dairy farmers are toughing it out. Analysis by Rural Bank, owned by Bendigo and Adelaide Bank, shows fewer dairy farmers, facing a sharp fall in income, are getting out of the industry than expected.
9. What hiring managers really want to know when they ask, “Where do you see yourself in 5 years?”