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

The Holi Festival of Colours. Chris J Ratcliffe/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX 200: 5,689.70 -16.53 -0.29%
  • All Ordinaries: 5,752.90 -14.92 -0.26%
  • AUD/USD: 0.7988 -0.0008 -0.10%

The local market lost ground, slipping below the key 5700 point level of the ASX200.

The major banks were the main drag, with the Commonwealth down 1.1% to $73.70 and Westpac 1% to $30.95.

Energy company Santos was up 1.6% to $6.70 and Woodside Petroleum 0.6% to $28.93.

Top stories:

1. The economy bounces back. According to the Australian Bureau of Statistics (ABS), GDP grew by 0.8% in seasonally adjusted chain volume terms, accelerating sharply following a 0.3% increase in the March quarter. Also read: Here’s what economists are saying.

2. Nearly 15% of real estate agency McGrath is up for sale. A group of former real estate agents from McGrath have pooled their shares in the ASX-listed company and put them on the market.

3. A former Sydney tech startup CFO has been charged with taking $6.25 million. John Falconer, a former director and chief financial officer of software startup TZ Limited, has been extradited from Thailand to face dishonesty charges in Sydney’s Central Local Court.

4. GOLDMAN: The ASX200 reporting season was one of the weakest in 22 years.

5. The RBA says it’s optimistic about wages growth. That’s something it’s been saying for 6 years.

6. Courier startup Sendle just signed a major deal with eBay. The Sydney-based startup is a growing challenger to Australia Post in parcel delivery.

7. Watch out if you’ve streamed or downloaded a movie via an illegal pirate site. Village Roadshow co-CEO Graham Burke announced the company will start suing.

8. The single most defining trait of great leaders. What do Elon Musk and Martin Luther King have in common?

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