After the weakness in European and US stocks Friday, the re-emergence of the fall in iron ore, the crash in the price of coal and crude oils renewed fall prices on the ASX were always going to be under pressure today.
Futures indicated a fall of around 40 points when they closed on Saturday morning so the ASX’s close today at 5,422 on the physical was largely in line with the weakness indicated pre-open.
Here’s the scoreboard:
- S&P ASX 200: 5,422.7 -42.9 (-0.8%%)
- All Ordinaries: 5,399.5 -40.6 (-0.8%)
- AUD/USD: 0.8243 +0.0042 (+0.52%)
On the ASX only 10 of the top 50 stocks were higher on the day and the miners were under intense pressure with BHP off 2.3% to $28.49 while Rio Tinto fell 1.38% to $58.58. Smaller miners such as Atlas and BC iron were down 13.21% and 7.75% respectively reversing recent strength as the iron ore price on the Dalian futures exchange fell back to Y504 for May delivery.
On the financials AMP dipped 0.54%, the ANZ bank lost 0.56%, the CBA was 0.55% lower while the NAB lost 0.99% and Westpac lead the pack with a dip of just 0.15%.
Here are the top business stories today.
- Gerard Minack, formerly of Morgan Stanley, has a gloomy outlook for the Australian economy and global markets in 2015. An adult beverage might be necessary for this one.
- Australia’s rampant investors are still buying with gusto but data from the ABS today suggests some heat might be coming out of the housing market.
- ANZ job ads were solid rising for the 7th straight month but ANZ’s Chief Economist Warren Hogan reckons that the employment market will remain weak.
Here’s the chart.
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