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

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Australian stocks fell for the third straight day, weighed down by the financials sector.

Today’s scoreboard:

ASX 200: 5,664.30 -6.68 (-0.12%)
All Ordinaries: 5,725.50 -4.11 (-0.07%)
AUD/USD: 0.7862 -0.0024 (-0.30%)

Although most major sectors edged higher, a 0.24% fall in the financials index was enough to drag the broader ASX200 to a negative close.

Commonwealth Bank led the big banks lower with a fall of 0.35%.

Major resources stocks were higher across the board, led by Fortescue which rose by 3.58%. Rio Tinto and BHP were up 1.42% and 0.23% respectively.

Shares in Myer spiked following a letter lodged with the ASX by billionaire Solomon Lew’s Premier Investments, requesting a copy of Myer’s share register.

Among other notable moves, Telstra shares slumped by 1.7% to a five-year low of $3.47.

Shares in Neurotech International – a company which makes devices to treat children with autism — more than doubled on news of a successful preliminary trial. They closed 112% higher at 35 cents.

QBE Insurance fell a further 3% to close below $10. Bellamy’s, the manufacturer of infant baby formula, fell by 2.93%.

Top stories:

1. Here’s why markets are calm: It’s not just low interest rates and the rise of Exchange Traded Funds. A positive global growth backdrop is also keeping the markets calm.

2. Equifax CEO is out: Richard Smith, who presided over the data breach which exposed the personal data of half the US population, will step down effective immediately.

3. Bikes everywhere: The introduction of bicycle-sharing startups in Australia hasn’t come without complications — random bikes are showing up at odd locations in Sydney and Melbourne.

4. Groom to the rescue: A Canadian groom has put festivities on hold mid-wedding to rescue a young boy who fell into a pond in Kitchener, Ontario.

5. Booming population: The latest figures from the ABS show that population growth rose for the fast level since 2014 — Australia’s population has now grown by a massive 40% since 1990.

6. Super-yacht lineup: $4 billion worth of super-yachts are up for sale in Monaco. Take a look inside some of the most expensive yachts in the world.

Investing.com

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