Australian stocks finished deep in the red on Tuesday despite strong leads from offshore markets, giving back much of the gains achieved during Monday’s holiday-impacted session.
First, the scoreboard.
ASX 200 5701.40 , -27.93 , -0.49%
All Ordinaries 5764.20 , -27.14 , -0.47%
AUD/USD 0.7794 , -0.0031 , -0.40%
All sectors bar telecoms finished lower, led by information technology which slumped by 1%.
Of the major sectors, financials lost 0.68% while materials fell by a smaller 0.25%. Energy was also in the wars after a sharp reversal in crude prices overnight, losing 0.96%.
Industrials, consumer staples and utilities also fell by between 0.6% to 0.73%.
Telecoms was the only sector to buck the trend, lifting 0.35%.
Here’s the full sector scorecard for Tuesday.
Consumer Discretionary -0.50%
Consumer Staples -0.63%
Information Technology -1.00%
All Ords Gold Index -0.70%
The top stories for Tuesday.
1. Las Vegas mass shooting. 59 people are dead and more than 527 are injured after a mass shooting in Las Vegas. The gunman, identified as Stephen Paddock, 64, opened fire from the 32nd floor of the Mandalay Bay Resort and Casino on concertgoers at the Route 91 Harvest country music festival. It was the deadliest mass shooting in modern US history.
2. Australian interest rates are going nowhere fast. The Reserve Bank of Australia kept the cash rate unchanged at 1.5% for a fourteenth consecutive month.
3. A controversial US startup just raised $3.6 million and has its eyes set on the Australian property market. Rentberry, which is a platform that automates the application process for both tenants and landlords involved in long-term rentals, raised the new money from a variety of investors, including two from Australia – 808 Ventures and Venturian boss Andrew Barlow.
4. The outlook for Australia’s construction sector is starting to show signs of improvement. Building approvals appear to be stabilising at elevated levels, and townhouse construction is making a comeback. New Home sales also bounced after two months of steep losses.
5. Australians are feeling confident about their finances but not about where the economy is heading. A yawning gap between the two has opened up over recent years.
6. Rock legend Tom Petty has died at age 66 on Monday after suffering cardiac arrest.