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

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Australian shares closed down.

Today’s scoreboard:

  • ASX 200: 5,743.80 -29.76 -0.52%
  • All Ordinaries: 5,795.70 -28.77 -0.49%
  • AUD/USD: 0.7926 +0.0013 +0.16%

The local market gave up some of the 0.93% gain of Monday as an opening rally quickly turned negative.

The Commonwealth Bank, still feeling the heat from its money laundering scandal, was down 1% to $80.64. The three three major banks were also in the red with the ANZ sliding 0.3% to $29.69.

Among the miners, Fortescue Metals was down 1.7% to $5.77, Santos 1.1% to $3.43 and BHP 0.2% to $26.10.

Building products group James Hardie fell 5.7% to $17.90 after posting a a 34% fall in first-quarter profit to $US57.4 million.

Fund manager IOOF was up 6% to $10.70 after reporting a 13% rise in underlying profit to $169.4 million.

Top Stories:

1. There goes the bonus. The Commonwealth Bank board of directors has axed short term incentives following the alleged anti-money laundering law breaches.

2. The billions from road tolls. Motorists from Sydney, Melbourne and Brisbane pay Transurban almost $2 billion in tolls. Transurban closed down 1.8% at $11.72.

3. Australian businesses haven’t felt this good in years. The latest National Australia Bank business confidence survey for July.

3. LinkedIn is quietly testing a new mentor app in Australia. Career Advice connects users who are prepared to be mentors with those seeking expert help in their career development.

4. Google fires staffer behind anti-diversity memo. The news comes shortly after Recode reported on a company-wide memo from Google CEO Sundar Pichai, which indicated that portions of the manifesto might violate the company’s code of conduct.

5. Freelancer just hit 25 million users. And 4.8 million are from one Asian country.

6. At the mercy of a tiny fly. Gina Rinehart’s ambitions to become a major beef exporter to China.

7. 3 major impacts Amazon has when it enters new markets. Analysis from UBS, dissecting Amazon’s place within the global retail landscape.

8. 16 Australian tech companies spending more on staff than their revenue. Many companies like to use the cliché that their most important asset is their people.

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