Australian shares opened the week with more falls.
- ASX 200: 5,684.50 -36.99 -0.65%
- All Ordinaries: 5,727.50 -36.54 -0.63%
- AUD/USD: 0.7668 -0.0022 -0.29%
The local market dropped again, dragging the ASX200 index below the key 5700 point level, adding to Friday’s 1.66% drop, ahead of a quiet week on Wall Street which will be closed for the July 4 holiday.
Financial stocks were either flat or a little weaker and the miners stronger.
The Commonwealth Bank was down 0.4% to $82.44 and Riot Tinto was up 0.5% to $63.60.
Woolworths dropped 1.25%, NIB Holdings 1.7% to $5.65 and QBE 1.1% to $11.68.
1. The Ten Network just got a $30 million lifeline. The newly appointed receivers of the Ten Network have secured funding to keep the free-to-air television business afloat, for the time being.
2. Caterpillar has bought a stake in Fastbrick Robotics, Australia’s one-armed robot bricklayer. The two also have a memorandum of understanding to develop a collaboration on the development, manufacturing, sales, and services of Fastbrick’s robotic bricklaying technology. Fastbrick shares jumped 19% to close at $0.125.
3. The ACCC looks into Apple. Why has banned Westpac’s payment-through-messaging capability?
4. Voter anger around the world. This is explained by a 1940s theory of human motivation.
5. Australia’s economy is strengthening. New PMI data from the Commonwealth Bank.
6. The Aussie jobs market looks healthy. But employment growth is likely to cool.
7. CHART: The unbelievable growth in Sydney and Melbourne house prices compared to Australia’s other capitals.
8. Fairfax confirms plans to spin out Domain. The company says it has stopped talks with both the TPG Consortium and Hellman & Friedman because it hasn’t received a binding offer for the whole of Fairfax from either. Fairfax shares fell 10.9% to $0.98.
9. The flow of red ink at Virgin Australia is slowing. The airline expects to be cash positive again shortly. Its shares were up more than 6% to close at $0.17.
10. Approvals to build new apartments are falling fast. According to the ABS, total building approvals fell by 5.6% to 16,448 in May in seasonally adjusted terms, offsetting a 4.8% increase in April that was larger than initial estimates.
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