AUSTRALIAN STOCKS WEAKER: What you need to know

Photo: Phil Walter/Getty Images

The Australian market closed down.

Here’s the scoreboard:

  • S&P ASX 200: 4,937.60 -26.48 -0.53%
  • All Ordinaries: 5,018.20 -24.12 -0.48%
  • AUD/USD: 0.7540 +0.0034 +0.45%

Financial sector stocks, including the big four banks, led the market down in early trade following falls on Wall Street where the S&P 500 index closed down 1.2%. The ASX 200 fell below 4900 before recovering ground.

The local market is down 2.85% since the start of April.

Today the NAB hit $25.13, down 1.5%, and the ANZ also lost 1.5% to close at $22.28.

The Bank of Queensland, which announced an 11% lift in profits and a rise in home loan rates yesterday, fell 4.2% today to $10.96.

The miners followed after crude oil prices fell. BHP was down 1.2% to $16.18 and Woodside Petroleum 0.52% to $24.94.

The top stories Friday:

1. CHARTS. These two charts show why global stocks have run into trouble again.

2. From booming building products to a weak advertising market. Greg Barnes, the CFO at CSR Limited, is moving to Nine Entertainment.

3. The fall. The reason steelmaker Arrium went into voluntary administration comes down to one simple fact — the cost of making steel at Whyalla is higher than the market is prepared to pay.

4. Global design downunder. Australian designer Michael Simcoe has become the first non-American to be appointed as the vice president of General Motors Global Design.

5. Dollar blues. RBA board member John Edwards jawboned the Australian dollar.

6. A hole in the budget. NSW is taking a $850 million hit to its budget.

7. Pay the rent. For the first time in at least two decades Australian capital city rental rates have fallen compared to a year earlier.

8. An App for that. There’s now an app to check how free-range your eggs really are.

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