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

Photo: David McNew/Getty Images

Australian stocks were sold down.

Here’s the scoreboard:

  • S&P ASX 200: 5,066.20 -104.30 -2.02%
  • All Ordinaries: 5,096.30 -98.02 -1.89%
  • AUD/USD: 0.7169 -0.0019 -0.26%

All ten sectors went deep into the red as buyers disappeared. The market went down by as much as 2.8% at one stage before recovering some ground toward the close. The ASX 200 managed to keep its nose above 5000 points.

Trade was light, about 28% down on normal, following Wall Street where the S&P 500 lost 1.6% on Friday over the Fed’s cautious approach to raising interest rates.

The major banks were the big drag on the market. The Commonwealth was down 2.91% to $73.62 and Westpac 2.84% to $30.85.

The big miners followed with BHP dropping 2.49% to $23.85 and Rio Tinto 2.89% to $49.78. Fortescue lost more than 4% to $1.97.

Among energy stocks, Woodside lost 2.9% to $28.83 and LNG 5.59% to $1.60.

The top stories for Monday:

1. Is Australia toast? Ivan Colhoun, the NAB’s head of market economics: “Offshore investors are now holding a uniformly negative view on Australia’s prospects.”

2. Fintech disruptor. Startup finance group zipMoney has has hired a PayPal senior executive, Jonathan Kelly, to be its director of merchant services ahead of its ASX listing.

3. Polishing the stores. Woolworths is spending $65 million over the next year to make its supermarkets more inviting, including opening up the front of stores by removing gates, replacing trolleys and installing better lighting. Woolworths closed down 1.29% to $24.50.

4. The final numbers on Joe Hockey’s first budget. An underlying cash deficit of $37.9 billion, about $8 billion more than the $29.8 billion forecast by treasurer Joe Hockey when he announced his first budget in May 2014.

5. 8 reasons why Australia will not go into recession. Weak growth in the past does not mean weak growth in the future, according to Michael Blythe, the chief economist of the CBA.

6. The high tech sector is keen on the new prime minister. What Malcolm Turnbull’s cabinet reshuffle means for tech.

7. Australia is stalling in the Global Innovation Index. We’re being overtaken by the likes of New Zealand.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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