The Australian market was held up by stronger resources stocks after an early rally reversed and investors sold down banks again.
Here’s the scoreboard:
- S&P ASX 200: 5,625.20 -9.40 -0.17%
- All Ordinaries: 5,627.60 -7.80 -0.14%
- AUD/USD: 0.7913 -0.0018 -0.22%
In the US, the S&P 500 index closed up 1.4%. On the local market, the banks all lost ground, led by the ANZ which lost 1.33% to $31.92.
Resources stocks followed stronger commodity prices with BHP up 1.66% to $31.82, Fortescue Metals 2.8% to $2.57 and Woodside Petroleum 2.07% to $34.50.
The top stories for Monday:
1. NAB Business Survey: Rate cuts not working, there will be no business recovery until confidence lifts.
2. Iron ore blues. Andrew Forrest wants Australians to bombard their MPs with questions about Rio Tinto and BHP.
3. The Budget. Treasurer Joe Hockey says he will make sure GST is applied to digital goods and services sold in Australia by companies based overseas. This will level the playing field for local companies such as Stan (Fairfax Media and Nine), Presto (Foxtel and Seven) and Quickflix which are all competing against the US giant Netflix.