AUSTRALIAN STOCKS SLIDE, BANKS HIT: Here's what you need to know

A woman stands before a child driving an electric toy car at the Monument to the Founding of the Workers Party of Korea, in Pyongyang. Ed Jones/AFP/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX 200: 5,707.10 -44.56 -0.77%
  • All Ordinaries: 5,747.70 -44.36 -0.77%
  • AUD/USD: 0.7435 -0.0012 -0.16%

The local market started the week with a slide. There was little reaction to North Korea’s missile test this morning.

Financial stocks took another beating, with the ANZ down 1.8% to $27.69 and the Commonwealth 1.5%. The Bank of Queensland dropped 2.4% to $10.95 and AMP 1.5% to $5.07.

A fall in the price of iron ore also hit the miners with Rio Tinto down 1.5% to $62.67 and Fortescue Metals 3%to $4.70.

Godfreys closed 8.8% higher at $0.68 after the retailer said it had refinanced debt on better terms.

Top stories:

1. Sydney and Melbourne house prices fall again. Australian capital city house prices continued to weaken last week, according to data released by CoreLogic earlier today.

2. UBER PRICE HIKE. Australians are about to see lifts in minimum fares and a new booking fee.

3. The tax fraud case. IT workers whose tax disappeared in the Plutus Payroll case have been thrown a lifeline.

4. Domino’s Pizza will soon own 100% of its Japan operations. Bain Capital exercised a put option, forcing the fast food group to buy the investment firm’s 25%. Domino’s shares dropped 3.8% to close ta $59.19.

5. One big company is shrinking the CEO’s pay package. Wesfarmers says Rob Scott will be paid less than managing director Richard Goyder when he takes over as head of Australia’s biggest private employer in November.

6. Gina Rinehart says Trump is a doer. And Australia should his lead in cutting the red tape and reducing taxes.

7. Recruiters use software electronically to read your resume. Here’s how to work it to your advantage.

8. Australians paid $31 billion in super fund fees last year. While total retirement assets soared 11% in the year to March, total fees paid by members stood at 1.18% last year from 1.19%, the previous year.

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