Australian stocks closed lower.
- ASX 200: 5,655.40 -53.69 -0.94%
- All Ordinaries: 5,716.70 -53.01 -0.92%
- AUD/USD: 0.7963 -0.0068 -0.85%
The local market fell by as much as 1.2% before regaining some lost ground but still ended the day below the key 5700 point mark on the ASX200.
The slide followed the interest rate announcement overnight by the US Federal Reserve where it confirmed it would start reducing the size of its balance sheet.
The ANZ was down 0.9% to $29.76, Rio Tinto 0.8% to $65.50 and Fortescue Metals 3% to $5.17.
But energy companies picked up on the back of a surge in the price of oil. Woodside Petroleum added 1.8% to close at $28.77.
Tatts shares were down 1.3% to $4.02 and Tabcorp’s 1.2% to $4.24 after the Federal Court ordered the competition tribunal take another look at the proposed $11 billion merger of the gaming companies.
And casino group Crown Resort fell 4% to $11.31.
1. Why part-time employment has risen so quickly. Australia ranks only behind Switzerland and the Netherlands as having the highest proportion of workers employed part-time.
2. Sydney and Melbourne property could be 25% to 30% overvalued. Research from Capital Economics based on a historical comparison of house prices to earnings. Also read: Sydney auction clearance rates sink to the lowest level since late 2015
3. Comminsure goes for $3.8 billion. The Commonwealth Bank also announced a change in its leadership team. CBA shares slipped by almost 0.3% to close at $76.07.
4. The same-sex marriage ballot. We ask some business leaders how they would handle an employee who was against same-sex marriage.
5. A stylised red waratah. The NSW premier has ordered globally famous brands such as the Sydney Opera House put a flower on their logo.
6. NBN frustrations. Machine learning to the rescue as the National Broadband Network launches a new big data project.
7. Superloop raised $20 million. The Brisbane network connectivity company led by entrepreneur Bevan Slattery will use the cash for expansion. Superloop shares dropped 5.5% to close at $2.40.
8. 25 signs you have a terrible boss. If you contemplate handing in your two weeks’ notice every time you talk to your boss, you’re not alone.