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

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Australian shares closed lower, hit by escalating talk of war.

Today’s scoreboard:

  • ASX 200: 5,693.10 -67.83 -1.18%
  • All Ordinaries: 5,743.50 -67.08 -1.15%
  • AUD/USD: 0.7862 -0.0013 -0.17%

The local market was run over by a global rout caused by tension between North Korea and the US.

The ASX200 fell below the key 5700 support level, with the major banks and the big miners leading the slump.

The ANZ was down 1.9% to $29.260 and Westpac 1.3% to $31.61.

Among the miners, BHP dropped 2% to $25.55 and Rio Tinto 2.8% to $63.18.

Top stories:

1. Rattling sabres. Australia will “come to the aid of the United States” if North Korea attacks. Also read: North Korea’s strategy explained.

2. ASIC is also investigating the Commonwealth Bank. The corporate regulator has confirmed it is investigating the bank over its conduct in the money laundering scandal.

3. News Corp has written down the value of Foxtel. Mainly because of the falling value of its investment in the Ten Network.

4. Nothing to worry about with Amazon. Baby Bunting’s investor presentation. Its shares closed at $1.60, down 17.9%.

5.’s profits are down. REA Group reported a 19% fall in full year profit to $206.06 million, mainly due to a write-down in the value of the company’s Asia business. REA shares fell 5.9% to close at $64.35.

6. NAB is in line for a record year. The NAB posted a 5% rise in June quarter cash earnings to $1.7 billion.

7. Will wages finally rise? According to ANZ Bank, wage growth is likely to accelerate in the period ahead.

8. The first Australian airline with international inflight wi-fi. The airline has been trialing wi-fi on a single Boeing 737 since April.

9. Who really needs a personal assistant? Elon Musk responds to story of him putting his assistant through a 2-week test.