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

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Australian shares closed lower.

Today’s scoreboard:

  • ASX 200: 5,688.10 -34.74 -0.61%
  • All Ordinaries: 5,738.00 -33.19 -0.58%
  • AUD/USD: 0.7922 +0.0007 +0.09%

The ASX200 dipped below the key 5700 mark, eating into last week’s 1.2% gain.

The banks led the falls for most of the day before narrowing toward the close. The NAB was down 1% to $30.15 and Westpac 0.7% to $32.17.

Among the miners, Woodside Petroleum dropped 3% to $28.57, Santos 2.1% to $3.19 and Rio Tinto 0.6% to $62.62.

Top stories:

1. Australian house prices have steadied. And auction clearance rates are climbing back.

2. The world’s third biggest cryptocurrency has risen by almost 3,000%. It’s called Ripple, based out of San Francisco.

3. TechnologyOne and Brisbane City Council. The big dispute might be in court next with TechnologyOne claiming $50 million.

4. Westpac is in talks to sell Hastings Management to Charter Hall. The bank has operated Hastings, which has 100 employees and funds under management of $14.3 billion, for more than 22 years.

5. A handy guide. Australian government’s forecasts for trade in key commodities over the coming year.

6. TechCrunch Battlefield in Australia. Two Australian entrepreneur community executives have brought the early stage startup competition to Australia, allowing local startups a chance to pitch for $25,000 and an all-expenses trip to San Francisco for the finals.

7. How to open up financial data. Treasurer Scott Morrison has announced an independent review into open banking.

8. Murray Goulburn sees less milk ahead. The cooperative says its total 2018 milk intake is now expected to be around 8% lower at 2.3 billion litres. Its unit trusts fell 2.1% to close at $0.72.