It looks like someone really doesn’t like Australian stocks at the moment.
The Dow closed at a fresh all-time high overnight, and indications were that the ASX was going to open higher based on overnight futures trade.
But in a sign Australian stocks are out of favour the ASX — for the third day in row — saw selling and ended the day much weaker than the overnight futures indicated.
The ASX closed down 40.3 points at 5448.8 for a loss of 0.73% and more than 50 points off the high of the day.
Key to the falls is the continued collapse in Iron ore prices again overnight which fell more than 2%.
This is weighing on the miners in trade today with Atlas Iron losing 4.42%, Fortescue Metals down 3.96% BC Iron off 3.66% and Arrium down 3.36%.
BHP Billiton lost just 0.66% but Rio Tinto is down 1.47% and looking very bearish.
But it wasn’t just the miners where the sellers were as 3 of the Major banks also under selling pressure with Westpac and NAB down 1.19% and 1.67% respectively while ANZ fell 1.16% even though it delivered a bumper result this morning.
Assad Tannous of Asenna Wealth, who told Business Insider earlier this week that the programme selling was a sign of more weakness on the ASX is worried about the market and tweeted that stocks are looking to break down further.
We’ll see what markets do overnight.
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