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

Actor Jessie T. Usher of Independence Day: Resurgence on a water slide in Florida. Ralph Notaro/GC Images

Australian stocks closed weaker.

The scoreboard:

  • S&P ASX 200: 5,228.00 -53.78 -1.02%
  • All Ordinaries: 5,312.80 -52.40 -0.98%
  • AUD/USD: 0.7512 -0.0028 -0.37%

The local market lost ground for the first time in almost a week, with financial stocks leading the slide. The ASX 200 is almost flat since the start of July, the new financial year, but is still 2% ahead of the Brexit low.

All the big four banks were down more than 1% with the NAB dropping 1.5% to $24.68 and the ANZ 1.4% to $23.40. AMP lost 1.1% to close at $5.17.

Official figures showing retail sales growth trending down sent retail stocks into a fall.

Harvey Norman shed 3.9% to $4.39, Myer 3% to $1.115 and JB Hi-Fi 2.6% to $23.85.

IGA supermarkets operator Metcash was down 4.7% to $1.905.

Mantra, the hotel accommodation group, dropped more than 7.6% to $3.14. Credit Suisse cut its recommendation to a NEUTRAL.

The top stories Tuesday:

1. Retail sales growth is trending down. And there’s a sign the housing boom has peaked.

2. Which bank got the lion’s share? Fading mergers and acquisitions activity and fewer syndicated loans are shrinking the cash flow to Australia’s investment banks.

3. Election uncertainty. The non-result from Australia’s election is causing a high degree of uncertainty on economic policy.

4. Malcolm Turnbull takes full responsibility. Must try harder to win voter trust.

5. Rates on hold. The Reserve Bank of Australia left interest rates unchanged at 1.75%.

6. SHORT STACK. Traders are placing bets against property managers.

7. The trade deficit. The balance on goods and services blew back out to $2.2 billion in seasonally adjusted terms for the month of May.

8. Australian millennials aren’t working as hard as the rest of the world. But they are nowhere near earning the tag lazy. Also read: Millennials think Australia’s voting system sucks.

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