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

Nick Kyrgios during his men’s singles match against Donald Young of the US at Queen’s Club in west London. Glyn Kirk/AFP/Getty Images

Australian shares took a beating on the final day of the 2017 financial year.

Today’s scoreboard:

  • ASX 200: 5,721.50 -96.60 -1.66%
  • All Ordinaries: 5,764.00 -91.85 -1.57%
  • AUD/USD: 0.7690 +0.0007 +0.09%

The local market was hit by a global stock sell-off, sending the ASX200 below the key 5800 mark and eating at financial year gains.

The ASX200 ended the week flat and the financial year 9.3% higher.

On the ASX today, all sectors were in the red.

Among the banks, Westpac dropped 1.49% to $30.51 and the Commonwealth 1.4% to $82.81.

Blood products group CSL fell 2.8% to close at $$138.03.

Telcos were under pressure with TPG Telecom down 1.5% to $5.70 and Telstra 1.6% to $4.30.

South32 dropped 2.9% to $2.68 after announcing it had pulled out its work force from its Appin coal mine in NSW on safety grounds.

Fairfax Media fell 8.3% to close at $1.10.

Top stories:

1. Trump has left a door to the next global economic crisis wide open. A paper by the Bank of International Settlements says the global economy faces four risks.

2. Australia’s biggest tech IPO of 2017. Sydney human resources software provider Elmo had a good first day on the ASX.

3. A fraudulent nickel deal. The ANZ Bank is trying to recover losses, running as high as $A200 million.

4. Uber Australia is reportedly settling unfair dismissal cases. In April, Rideshare Drivers Association of Australia filed an unfair dismissal case on behalf of a driver for the first time.

5. Russian hackers reportedly discussed how to steal Clinton’s emails. The Wall Street Journalcited reports compiled by US intelligence agencies investigating Russia’s interference in the 2016 election.

6. And ATO has warned tax-dodging Uber drivers. Uber drivers have been reminded that the ATO has information to track income omitted from tax returns.

7. The nanosatellite boom. How the battle for space could end in disaster for us all.

8. A new cyber warfare capability. A unit with up to 900 people is being set up by the Australian Defence Force.

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