The Australia market closed down for the second day in a row, weighed by worries of Greece defaulting on its debt and by profit taking after 12 days of consecutive market gains.
Here’s the scoreboard:
- S&P ASX 200: 5,800.60 -14.33 (-0.25%)
- All Ordinaries: 5,757.40 -12.75 (-0.22%)
- AUD/USD:0.7819 +0.0017 (+0.22%)
Nine out of ten sectors were weaker. The major banks were all down slightly, led by Westpac at $36.81, down 0.65%.
BHP was marginally stronger at $31.39, up 0.51%, and Woodside Petroleum was down 3.2% to $35.20.
The top stories on Tuesday:
1. ANZ-Roy Morgan survey. Australian consumer confidence flat after rate cut, gloom rises about the future.
2. Fading investment and dwindling projects in the resources sector. Engineering group Bradken posted a 64% fall in underlying profit to $13.8 million for the first half of the financial year. Bradken closed at $2.45, down 22%.
3. The China slowdown. The release of January CPI and PPI data from China screams slowing economic growth in the world’s second biggest economy.
4. Coal stages a huge rally. From a low of $56.20 less than a month ago, Newcastle Coal Futures for March Delivery on the Intercontinental Exchange rallied another $1.75 overnight to $66.70 a tonne.