AUSTRALIAN STOCKS SLIDE: What you need to know

Glenn Moss of the Phoenix is checked on by a trainer during the round two A-League match between the Perth Glory and the Wellington Phoenix in Perth. Paul Kane/Getty Images

Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,388.70 -45.33 -0.83%
  • All Ordinaries: 5,470.90 -47.57 -0.86%
  • AUD/USD: 0.7604 -0.0013 -0.17%

The ASX 200 dropped below the key 5400 point support level.

Nine out of ten sectors were in the red, weighed down by Crown Resorts which dropped more than 13% to close at $11.15 after 18 of its staff were detained in China.

Star Entertainment, the other listed casino operator, fell 3.6% to $5.52.

The banks were mixed with the ANZ up 0.25% to $27.60 and the ANB down 0.6% to $27.57.

The top stories:

1. The banks will pay again to be regulated. New laws regulating financial advisers will see the big four banks and AMP funding an independent body to oversee professionals standards in the troubled wealth management industry.

2. The earnings per share slump. Credit Suisse says the Australian profit recession is about to end.

3 .The housing boom. A national capital city auction clearance rate of 77.9% last week, led yet again by strength in Australia’s largest and most expensive housing market, Sydney.

4. A senator departs. South Australian senator Bob Day will resign from parliament after his home building business went into liquidation.

5. The commodities game. What to expect from the quarterly reports of BHP Billiton and Rio Tinto this week.

6. The new King in Thailand. Thailand’s king-to-be is starting from a position of weakness in the country’s volatile politics.

7. PHOTOS: The coolest people in Australian tech partying in Sydney.

8. PODCAST: Martin O’Malley on Trump, better cities, and leadership in the data age.

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