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

Escaping the heat ion Melbourne. Quinn Rooney/Getty Images

Australian stocks closed the session, and the week, marginally lower.

Today’s scoreboard:

  • ASX200: 6,005.80 -8.80 -0.15%
  • All Ordinaries: 6,119.30 -11.10 -0.18%
  • AUD/USD: 0.8018 +0.0019 +0.24%

The local market stumbled to a weak close. Over the five days, the ASX200 dropped 1%.

Among the miners, Rio Tinto was down 1% to $78.01, BHP 0.2% to $30.69 and energy producer Santos 1.3% to $5.14.

Retail Food Group fell 5% to $$2.08 after a law firm, Bannister Law, announced it was investigating a potential shareholder class action over profit guidance by the the owner of Gloria Jean’s coffee shops, Brumby’s, Donut King, Crust Gourmet Pizzas and Michel’s Patisserie during the first half of financial year 2018. The firm is also investigating the relationship between company and its franchisees.

Top stories:

1. Atlassian takes a hit. A $58.9 million write-off thanks to President Trump’s tax plan.

2. The retail crunch. Deutsche Bank says the latest report doesn’t sound good for Myer.

3. A long 38 minutes. An Australian in in Hawaii when an alert warned of an impending missile attack.

4. Working on a trading floor. A day in the life of an equity sales leader at UBS in Sydney.

5. A long list. The inquiries faced by Australian banks and what it means for shareholders.

6. The jobs market may be about to experience “a very sharp slowdown”. Research by Damien Boey at Credit Suisse.

7. A cringe worthy pop song. Written by a Deloitte consultant and sent it to his bosses.

8. New Zealand Prime Minister Jacinda Ardern is pregnant. Her partner, Clarke Gayford, whom she calls the “first man of fishing”, will stay at home to be the primary caregiver to their first child.

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