Australian stocks closed the session, and the week, lower.
- ASX 200: 5,836.60 -39.77 -0.68%
- All Ordinaries: 5,863.80 -40.72 -0.69%
- AUD/USD: 0.7379 -0.0030 -0.40%
The local market closed the week 1.4% down, wiping out last week’s 1.2% gains, with the ASX200 stuck below the key 5900 point mark.
Sliding commodity prices weighed on the miners with BHP down 2.6% to $22.62 and Rio Tinto 2% to $57.15.
Bluscope Steel lost 6.9% to close at $11.02 and Woodside Petroleum 2.6% to $31.59.
The banks have been losing ground all week as half year profit results come in. Westpac closed today at $33.86, down 4% from a five day high of $35.30. NAB dropped 1.15% to $30.65 today, down almost 7% from $32.95 earlier in the week.
The top stories:
1. More growth, but less jobs. The RBA, in its forward-looking quarterly statement, says GDP growth would remain on track into 2018. However, it flagged no change to the relatively high unemployment rate.
2. Macquarie Bank’s executives carved up $124 million. The top earner is CEO Nicholas Moore with total remuneration of $18.71 million. Also read: Another record profit for Macquarie Bank. Its shares added 33% to close at $94.89.
3. The owner of Rebel stores has been hit by the retail downturn. Super Retail, an auto accessory, sports and leisure retailer, reported softer sales. Its shares fell 6.1% to $8.98.
4. The ACCC comes down on Telstra’s side. And Vodafone is furious a “scare campaign” has denied it access to Telstra’s mobile towers. Telstra shares jumped 4% to close at $4.40.
5. Trump made Malcolm Turnbull wait. Donald Trump decided to stay in Washington to see through the passage of the Obamacare repeal bill through Congress.
6. Tobacco industry loses crucial case to overturn plain packaging. The tobacco industry has lost its latest battle to overturn plain packaging laws for cigarettes in Australia.
7. The typical tech-industry dress code isn’t always effective. Business Insider’s Sarah Kimmorly caught up with Atlassian’s Head of Diversity who says she typically wears more formal outfits at corporate events as not everyone feels comfortable in a super-casual environment.
8. Pastry wizard Adriano Zumbo is the latest chef with problems involving staff underpayments. Zumbo has 10 outlets in Sydney and Melbourne and more than 200 staff.
9. Budget 2017. The issues as defined by social media.
10. Here’s what you need to know about pinchos and tapas. Yes, there’s a difference