Australian stocks slipped today, weighed down by consumer discretionary stocks and financials.
- ASX 200: 5,671.00 -12.73 (-0.22%)
- All Ordinaries: 5,729.60 -12.14 (-0.21%)
- AUD/USD: 0.7938 -0.0001 -0.01%
The ASX200 financials index was down 0.43%, with the big banks mixed. NAB and Westpac both edged higher, while ANZ lost 0.4% and CBA closed 0.9 lower.
Among resources stocks, Fortescue and South32 both lost more than 1%, while BHP and Rio were down by 0.73% and 0.28% respectively.
Elsewhere, there was a notable move in Seven West Media which lost 3.65%, while QBE was more than 1.7% down to close at $10.22.
A number of stocks in the retail and consumer spending fell, with Harvey Norman closing more than 3% lower.
Billionaire retailer Solomon Lew’s Premier Investments lost another 4.33% in today’s session, in addition to yesterday’s 2.55% fall following the announcement of its annual results.
1. Still a tough market for first-home buyers: ANZ thinks the Aussie housing market will remain challenging for 20-34 year olds, with a rising population and first-home buyer demand providing support for house prices.
2. Budget beats by $4.4 billion: Treasurer Scott Morrison announced that the government’s cash deficit was more than $4 billion smaller than forecast in May’s federal budget.
3. No more gouging: An Australian startup has set out to reduce conveyancing fees in Australian property, taking advantage of the pending digitisation of the conveyancing industry to offer a fixed-price service.
4. Markets have gone ‘too far’: Multiple analysts have changed their forecasts lately predicting more RBA rate hikes next year, but Capital Economics maintain that rates will remain on hold throughout 2018.
5. Murdoch buys ski retreat: Take a look through Lachlan Murdoch’s latest purchase — a mansion in Aspen, Colorado that he bought for a lazy $US29 million.
6. Aussies looking for experiences: The latest consumer spending data from NAB shows that Australian’s prefer spending their money on experiences, rather than tangible goods, with arts and recreation services leading the way.
7. Out of ideas: The market for digital advertising is calling out for new ideas, but for now the industry is still stuck in its ways.