Australian stocks closed down.
Here’s the scoreboard:
- S&P ASX 200: 5,356.20 -39.67 -0.74%
- All Ordinaries: 5,420.50 -37.97 -0.70%
- AUD/USD: 0.7270 -0.0056 -0.76%
The local market ended lower for the first time this week, following a weak Wall Street where the S&P 500 dropped 0.9% on worries of a US interest rate rise next month.
The ASX 200 is just 0.5% ahead this week. Today the banks and the miners were mixed.
The ANZ was up 0.78% to $24.70 but the Commonwealth lost 1.3% to $77.62.
BHP was 1.15% higher at $19.43 but Rio Tinto was down 1.1% to 445.820.
The top stories Tuesday:
1. Low inflation gets a grip on the economy. Australian wages are growing at their slowest pace since records began.
2. A volatile share market eats into profit. IOOF warns of flat profits ahead.
3. Still waiting. The federal election has delayed the $9 billion takeover and breakup of Asciano.
4. More milk. Freedom Foods, one of a handful of Australian companies selling infant formula in China, is adding locally-branded long life UHT milk and cereal to its partnership with Chinese distributor Pinlive. Its shares were up 6% to $3.48.
5. A world record. Here’s how Australian scientists created the world’s most efficient solar panel.
6. A personal jetpack. Martin Aircraft starts production of the world’s first commercial jetpacks next month.
7. CHART: Here’s how major asset classes have performed so far in 2016.
8. Shining a light. Beacon Lighting warned of poor sales due to weak consumer confidence and intense competition.
9. Life after the corporate gig. Why this investment banker quit his job at Merrill Lynch to bring flashpacking to Sydney.
10. Raising cash. Why this startup went on Shark Tank, but was never going to take on new investors.
11. Are they that different? Millennials aren’t cool with being treated as “that generation” at work.