The Australian Market Crumbles In The Face Of Global Fears

Photo Robert Cianflone/Getty Images

The Australian market crumbled today following a global sell-off, despite good local economic data.

The S&P/ASX 200 closed down 0.68% to 5,297.70 after a wave of fear hit the local market from Wall Street. Overnight the S&P 500 was down 1.32% to 1,946.160.

“A bounce in the price of iron ore has failed to prevent our miners from slipping into negative territory with BHP taking most of the pain so far,” says Niall King of CMC Markets.

Fortescue Metals, a main iron ore player, was down 2.6% to $3.50. BHP closed down 0.34% to $33.65 and Rro Tinto was weaker by 0.32% to $58.94.

Good local economic data, including a narrowing trade balance and strong building approvals, didn’t ignite the market.

The major bank were all weaker with Westpac down 0.17% to% 32.29, NAB down 0.15% to $32.68, the ANZ 0.21% to $31.22 and Commonwealth 0.39% to $75.81.

The dollar, however, was 0.63% stronger at 0.8788 against the USD.

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