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

The annual Surf City Surf Dog event at Huntington Beach, California. Mark Ralston/AFP/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX200: 5,946.10 -25.72 -0.43%
  • All Ordinaries: 6,030.40 -26.91 -0.44%
  • AUD/USD: 0.7580 -0.0028 -0.37%

The local market went on a slide, with the big miners leading the way down as commodity prices fell.

Rio Tinto dropped 2.47% to close at $68.83 and BHP almost 2% to $27.20.

The banks were mixed with the ANZ up 0.68% to $28.24 but the CBA down 0.18% to $78.60.

Law firm Slater and Gordon jumped 13.1% to $0.043 after shareholders voted at the AGM in favour of recapitalisation.

Top stories:

1. GDP misses. Australian economic growth missed expectations in the September quarter of 2017, driven lower by a weak increase in household consumption expenditure, the largest part of the economy. Also read: Here’s what economists are saying.

2. Amazon is pleased. Its Australian launch was its biggest opening day on record.

3. What to buy? Half the goods listed by third party sellers on Amazon Australia are from China. Also read: The founder of Appliances Online says Amazon’s arrival only threatens certain types of retailers.

4. Billionaire David Teoh is disappointed at TPG’s share price. The share price has halved since July last year. Today the shares were up 1.3% to $6.11.

5. What to worry about. 10 things keeping Australia’s business leaders awake at night.

6. The Netherlands man who sold everything for bitcoin. He calls it the best decision he ever made and now he’s swarmed by fans who agree.

7. How Australia’s move to a cashless society is damaging millennials. Co-founder of Sydney startup Carrots Money, Jacqueline Park, says not physically handling money makes it too easy to spend excessively.

8. Bush sounds. A world-first acoustic observatory will record the sounds of the Australian bush and stream it online.

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