Australian stocks closed the session lower but ended the week well ahead.
- ASX200: 6,029.40 -20.02 -0.33%
- All Ordinaries: 6,104.30 -18.11 -0.30%
- AUD/USD: 0.7681 +0.0001 +0.01%
The local market closed the week with the ASX200 ahead by 1.1% after breaking through, and staying above, the 6000 point barrier.
Today the market was pulled down by weaker resource stocks.
Rio Tinto dropped 2.2% to $72.95, Santos 3.4% to $4.49 and BHP 1.9% to $28.07.
Retailers did better today with Myer 2.8% higher at $0.72 and JB Hi-Fi 2.1% to $23.31.
1. China just opened the door further to foreign investors. China is relaxing foreign ownership restrictions on banks.
2. The rise of robots in Australian industry will be delayed. We don’t have enough people to develop and build them.
3. Inflation. Here’s what economists are saying about the RBA’s forecast downgrade.
4. “Seriously flawed.” David Murray unloads on the collapse of trust in Australian banks.
5. Sydney and Melbourne property listings are strong. And are behind REA’s strong revenue growth. Its shares closed 1.7% higher at $76.17.
6. The price of peas in India just went bananas. There’s unlikely to be an asset class that’s matched the price-action of Mumbai pea futures this week.
7. FIRST LOOK: Foxtel’s new streaming box seems to have a massive bug.
8. PODCAST: Sydney property, interest rates, and how to score a cheap roast chicken dinner.