ASX tumbles as stocks follow Wall St

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Banking Regulator News

Chief Executive,Harvey Norman,United States Of America

Australian shares followed Wall Street sharply lower on Tuesday after hot US retail sales data pushed traders to scale back their rate cut bets and fears of escalating tensions in the Middle East weighed on markets.

Shares took their cue from the US stock market, with the local benchmark finishing in the red for the fourth consecutive session.

Describing the market’s performance as “carnage”, IG Australia market analyst Tony Sycamore said the broad sell-off was the result of a “perfect storm”. Material stocks also dived two per cent, tracking a slump in the iron ore price which sank 2.5 per cent on the Singapore Exchange to $US109.40. Financials were also not spared, with Commonwealth Bank – the nation’s largest retail lender – down 2.1 per cent to $112.44, just ahead of its position at the start of the year.

In corporate news, Star Entertainment plunged 14.4 per cent to 42c to be the biggest laggard on the benchmark as a second inquiry into its flagship Sydney casino in just 18 months continued to deliver bad news for the embattled gaming giant.

 

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