Australian shares have continued to slide in lines with declines on Wall Street and Asian markets as trade worries and the Turkish lira’s plunge dominate markets, while the Aussie dollar is again under pressure and under 73 US cents.
The benchmark S&P/ASX200 ended Monday 26.2 points, or 0.42 per cent, at 6,252.2 points, while the All Ordinaries was down 25.5 points, or 0.4 per cent, at 6,341.3 points.
In futures trading the SPI200 futures index was down 18 points, or 0.29 per cent, at 6,200 points at 1630 AEST.
The ASX mining index fell to its lowest in more than three months as global trade tensions pressured commodity prices.
Mining stocks led falls on the ASX with BHP, Rio Tinto and Fortescue all suffering declines greater than one per cent as new Chinese production curbs led to concerns about lower iron ore demand.
BHP closed 41 cents, or 1.2 per cent, lower at $33.31, Rio Tinto shed $1.17, or 1.6 per cent, to $74.20 and Fortescue dropped six cents, or 1.8 per cent, to $4.33.
Globally markets were fragile as a result of heightened tensions between Turkey and the US, making Asian shares a sea of red as investors fled to safer assets such as the dollar, Swiss franc and yen.
Turkey’s currency has fallen more than 40 per cent against the greenback this year on worries over President Tayyip Erdogan’s increasing control over the economy and a deepening diplomatic rift with the United States.
In company news, electronics and whitegoods retailer JB Hi-Fi dropped 0.4 per cent to $23.38 after posting a 35 per cent jump in full-year profit and boosting its final dividend.
Steelmaker Bluescope unveiled net profit of $1.57 billion for the 12 months ended June 30, a 119 per cent increase from a year ago and its shares dropped 1.5 per cent to $17.61.
The Australia dollar was at 72.81 US cents, down from its Friday close of 73.17 US cents as investors fled to the security of the greenback.
ON THE ASX:
* The S&P/ASX200 closed down 26.2 points, or 0.42 per cent, at 6,252.2 points
* The All Ordinaries was down 25.5 points, or 0.4 per cent, at 6,341.3 points.
* The SPI200 Futures index was down 18 points, or 0.29 per cent, at 6,200 points at 1630 AEST
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 72.81 US cents, from 73.17 US cents on Friday
* 80.293 Japanese yen, from 81.217
* 63.90 euro cents, from 63.83
* 57.12 British pence, from 57.22
* 110.63 NZ cents, from 110.94
The spot price of gold in Sydney at 1700 AEST was $US1,207.80 per fine ounce, down from $US1,211.75 per fine ounce on Friday.