The ASX200 closed back below the 6,000 mark, reversing yesterday’s gains as mining and financial stocks finished lower.
ASX200: 5,969.90 -41.22 (-0.69%)
All Ordinaries: 6,057.20 -38.85 (-0.64%)
AUD/USD: 0.7589 +0.0018 (+0.24%)
The falls followed a relatively weak global lead, led by a selloff in big US tech companies on the NASDAQ.
The big banks opened the session sharply lower following the announcement of a banking Royal Commission.
Falls were led by Commonwealth Bank, which finished the session around 1.9% lower while other banks rallied in afternoon trade as the market assessed the outlook for the sector.
Bendigo & Adelaide Bank was the best performer, closing 2% higher as the ASX financials index finished down 0.77% on the day.
Falls on the broader index were led by stocks in the resources and materials sectors, with Rio and BHP both closing more than 1% lower while BHP offshoot South 32 lost 2%.
Pure-play iron ore miner Fortescue finished 0.65% lower as it announced a new CEO.
Among other notable moves, department store Myer closed up by another 5% after posting a 4% gain yesterday as the stock rallies off its November lows.
1. It’s a Royal Commission: The big banks asked for an inquiry and they got a Royal Commission instead, in what was a surprise policy reversal by the Turnbull Government.
2. Bitcoin bubble: As Bitcoin’s value skyrockets, its price is closely correlated with the number of people searching for whether or not it’s an asset bubble.
3. The cryptocurrency landscape: What is the future of money? Business Insider has obtained a fascinating expert report from ABC Bullion economist Jordan Eliseo on all things Bitcoin.
4. The Treasurer speaks: Business Insider’s Sarah Kimmorley sat down with Federal Treasurer Scott Morrison this afternoon to discuss fintech and the Royal Commission.
5. Aussie businesses are ready to spend: Q3 capital expenditures figures from the ABS revealed an increasingly positive outlook for domestic business investment.
6. Amazon failure to launch: The internet giant is having some technical difficulties, and the launch of Australian operations could be postponed until next year.