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

Photo by Romina Amato/Red Bull via Getty Images

Australian shares closed lower to start the week.

Today’s scoreboard:

ASX 200: 5,725.90 -21.21 (-0.37%)
All Ordinaries: 5,780.00 -18.51 (-0.32%)
AUD/USD: 0.7923 -0.0008 (-0.10%)

The local market started the week lower as banks fell, with the ASX200 financials index down by 0.3%.

All four of the major banks finished lower, led by CBA which closed down more than 1%.

Both BHP (+0.9%) and Rio Tinto (+1.4%) finished higher, while Fortescue closed up by 6.55% after reporting its full-year results this morning.

Among the big losers, BlueScope Steel fell by 21.83% after downgrading its earnings forecast and revealing that it was the subject of an ACCC investigation.

Vocus Group also suffered a heavy fall, crashing by 16.15% after coming out of a trading halt on news that competing private equity companies had pulled their bid for the company.

Online electronics retailer roared ahead by another 17.24%. The stock is now up by around 44% since announcing its full-year earnings last week.

Top stories:

1. Beware the killer robots: Leading voices across science and commerce have signed their names to an open letter, urging the United Nations to United Nations to ban killer robots or lethal autonomous weapons.

2. “Psychologically scarred” millennials: Wounds from the global financial crisis still run deep for millenials. These are the industries and products at risk from changing consumption patterns.

3. BlueScope Steel got hammered: The company downgraded its earnings forecast, revealed it’s the subject of an investigation and announced that its CEO is leaving. The stock fell by over 20%.

4. Iron ore futures are rocketing: After spot prices shot up by more than 3% on Friday night, futures are soaring again in midday trade. It bodes well for a further price rise this evening.

5. MCB is out: Superannuation startup Spaceship has been instructed to remove Mike Cannon-Brookes image and quotes from its marketing materials and social media.

6. Housing is cooling, but not crashing: CoreLogic’s weekly house price index showed that auction clearance rates have slowed from their peaks, but it’s nothing more sinister than that just yet.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.