AUSTRALIAN STOCKS FALL: Here's what you need to know

Ian Waldie/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX 200: 5,754.90 -33.21 -0.57%
  • All Ordinaries: 5,792.10 -29.01 -0.50%
  • AUD/USD: 0.7460 +0.0018 +0.24%

The local market opened a new week on a slide despite gains on Wall Street where the S&P500 closed 0.4% higher.

The banks took were the main weight on the ASX. Westpac was down 1.8% to $29.96, the ANZ 1.6% to $27.81, the NAB 1.5% to $29.77 an the Commonwealth 1.3% to 79.31.

Bendigo and Adelaide Bank dropped 4.3% to $10.70 after the bank released a note about how it was treating revenue from Homesafe, a way for retirees to access equity in their home.

The Bank of Queensland was down 1.7% to $11.00.

The big miners also dragged with BHP falling 1.7% to $23.66 and Rio Tinto 1.3% to $62.00.

Biotech Prima Biomed shares took off after a clinical trial showed its breast cancer drug is safe. They closed at $0.036, up 16%.

The top stories:

1. The risks of Australia falling into recession have eased. But there’s still plenty of concern for the future.

2. A long 40 years. The time it takes for a “typical” first home buyer to save a deposit in Sydney.

3. NAB is collaborating with an Israeli crowdfunding platform. The bank says it’s an Australian first giving its clients access to one of the world’s largest equity crowdfunding platforms, OurCrowd.

4. Matt Moran is back in the Sydney pub where his cooking career began. Moran helped launch the pub bistro phenomenon at the Paddo Inn.

5. Australia’s jobs market is strengthening. But it’s what happens next that matters most.

6. Australia is facing a consumption crunch. The headwinds to consumption are outlined in a research note called “Australia: The Consumption Crunch”, by Morgan Stanley analysts Daniel Blake and Chris Nicol.

7. FinTech Australia just cleaned out its board. Six new directors appointed.

8. One person lost $900,000 to a scammer pretending to be the ATO. The Australian Taxation Office has warned of a massive rise in scammers pretending to be the tax authority.

9. Optus is refunding after being caught shortchanging. An ACCC investigation found that some Optus customers were provided less data, calls and SMS than promised.

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