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

Australia’s John Millman at the Men’s Singles first round match against John Isner of the US on day two of the 2016 French Open in Paris. Clive Brunskill/Getty Images

Australian stocks closed lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,295.60 -23.34 -0.44%
  • All Ordinaries: 5,361.90 -22.98 -0.43%
  • AUD/USD: 0.7193 -0.0031 -0.43%

The local market lost ground, driven by a slump in commodity prices overnight, with the ASX 200 slipping below 5300, adding to Monday’s 0.61% fall.

BHP and Rio Tinto defied a fall in iron ore prices. BHP was up 0.44% to $18.45 and Rio 0.96% to $4.42.

However, pure-play iron ore producer Fortescue Metals dropped 1.89% to $2.85, Atlas Iron 5.8% to $26.50 and Woodside Petroleum 1% to $26.50.

The major banks were all weaker with the ANZ bank down 0.5% to $24.82.

Flight Centre lost almost 5% to close at $31.88, adding to yesterday’s 9% fall following a profit warning caused by weaker consumer confidence brought on at least partly by the federal election.

Qantas, which last month reported an easing of demand for plane seats, also because of the federal election, was down 3% to $3.10.

Biotron fell 6.7% to 69 cents, still ahead of Monday’s 61 cent low, after yesterday reporting that two compounds made by the Australian biotech had been found to be effective against the zika virus.

BlueScope Steel eased by 3% to $6.09 after rising 7% on Monday after saying it expects full year profit to be 29% better than expected.

The top stories Tuesday:

1. It’s coming. Australian house prices won’t have a US-style collapse but they will fall.

2. Glenn Stevens. The most crucial part about his speech today was what he didn’t say. Also read: The Aussie dollar is crumbling after the RBA governor opened the door for more rate cuts.

3. Chinese companies have their eyes on Australian assets. Analysts at Credit Suisse say there’s good reason why Chinese acquisitions of Australian assets should grow.

4. Getting interest already. Arrium’s steelworks, port and mining operations are now officially up for sale.

5. Look to the small caps. The top end of the share market has been struggling to give a return worth talking about so far this financial year.

6. Getting the cash in. This is what the founder of billion dollar startup Zuora says is key to raising capital.

7. Having fun downunder. Australia’s cities have yet again topped a list of the priciest global centre for cigarettes and beer in Deutsche Bank’s annual Mapping the World’s Prices report.

8. Photos from inside the home of the year. The 2016 HIA-CSR Australian Housing Awards are out and a Sydney mansion has taken out the crown as the Australian Home of the Year.

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