AUSTRALIAN STOCKS HIT THE WALL: Here's what you need to know

A crash dummy bon a scooter. Jean-Francois Monier/AFP/Getty Images

Australian shares retreated, leaving a sea of red to smother the week’s gains.

Today’s scoreboard:

  • ASX 200: 5,702.80 -82.21 -1.42%
  • All Ordinaries: 5,755.20 -77.02 -1.32%
  • AUD/USD: 0.7979 +0.0012 +0.15%

The local market closed the week on a steep slide, led by heavy falls in the banks. The ASX200 closed the week down 0.3%.

The ANZ Bank was down almost 2% to $29.70, Westpac 1.7% to $31.90, the NAB 1.7% to $29.97 and the Commonwealth 1.5% to $83.76.

Macquarie Group lost 2.6% to $85.05 and the Bank of Queensland 1% to $12.07.

Among the miners, BHP dropped 1.2% to $25.33 and Rio Tinto 1.2% to $64.24.

Fortescue Metals was up 3.4% to $5.42 on the back of stronger iron ore prices.

Top stories:

1. Housing affordability in Sydney just hit a critical level. The latest research released by Australia’s Housing Industry Association.

2. The US Fleet Commander told an ANU audience he’d nuke China next week if Trump told him to. The head of the largest fleet in the US Navy, Admiral Scott Swift.

3. Another Liberal MP might be a dual national. Julia Banks, who won the Victorian seat of Chisholm in last July’s election, could potentially be a Greek-Australian citizen.

4. Sydney fintech Prospa just secured a $20 million debt facility. The new money, which follows a $25 million capital raising round in February led by AirTree Ventures, will go towards product development as well as potential acquisitions of other fintechs.

5. Webjet’s annual results will only have a qualified sign-off as it argues with its auditors. Webjet says the issue is over “a technical accounting matter” relating to the treatment of transactions associated with a deal made last year global agency Thomas Cook. Webjet shares fell 6.8% to close at $11.80.

6. Australian Federal Police helped the FBI arrest an American for cybercrimes similar to the census crash. A man in Seattle has been arrested for attacks on technology infrastructure, following a two-and-a-half year operation involving the Australian Federal Police.

7. The commercial version of the one-armed bricklaying robot is coming soon. Fastbrick Robotics says it is on track to complete Hadrian X by the end of the year. Fastbrick shares fell 5% to $0.19.

8. The 10 biggest deals in the Australian startup sector last quarter. Right Click Capital has released its latest Internet Dealbook Report for the quarter ending June.

9. A sunken lost continent east of Australia. An expedition has been launched to help solve the mysteries of Zealandia.

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