AUSTRALIAN STOCKS SLIDE AGAIN: What you need to know

A dolphin jumps in the pool at the Marineland theme park on the French riviera city of Antibes. Valery Hache/AFP/Getty Images

Australian shares closed lower for a second session in a row.

Today’s scoreboard:

  • S&P ASX 200: 5,678.80 -20.62 -0.36%
  • All Ordinaries: 5,733.70 -20.97 -0.36%
  • AUD/USD: 0.7549 -0.0017 -0.22%

The local market followed a weaker Wall Street, where the S&P500 lost 0.5%, and European markets.

Most sectors lost ground, adding to yesterday’S 0.85% fall on the ASX200.

Financial stocks again led the market down today. Westpac dropped 1% to $32.43 and the Commonwealth 0.8% to $82.66.

Woodside Petroleum was up 1.1% to $32.38 but BHP slipped by 0.7% to close at $26.52.

The top stories:

1. Kathmandu founder Jan Cameron’s relationship with Black Prince Private Foundation. She is confirmed as the decision-maker behind the foundation, the biggest shareholder in Bellamy’s now wanting to gut the infant formula maker’s board of directors. Bellamy’s shares lost another 2% to close at $4.03.

2. Australians are suddenly stressed about money. The pessimists outnumber optimists right now, according to the latest Westpac-MI consumer sentiment survey.

3. Nothing to fear. A report from the World Economic Forum’s on the risk in 2017 of people losing their jobs to robots.

4. How the big foreign retailers are doing in Australia. International retailers such as Uniqlo, Zara and H&M are seeing lofty growth slip, along with margins, as they expand into smaller regional centres.

5. Wesfarmers’ coal mining business is about to slip back into profit. The surging price of coal is pushing the resources unit past the breakeven point.

6. Uber rival GoCatch is giving away free rides. GoCatch thinks it may have now found a way to get people’s attention — free rides in a Volkswagen Kombi van.

7. NBN says it’s halfway. But the project is now moving into cities where the jobs gets more difficult.

8. Why the Trump rally is stalling. These three charts from the latest Bank of America Merrill Lynch (BAML) Glogal Fund Manager Survey offer an explanation.

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