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Australia's stock market slides 4.3 percent

Australia's stock market slides 4.3 percent

Australian stocks slid more than 4 percent Thursday as grim U.S. holiday sales and concerns over the banking industry sent stocks across the Asia Pacific region plunging.
The benchmark S&P/ASX200 index closed down 157.5 points, or 4.3 percent, at 3,529.5 and the broader All Ordinaries index fell 147.5 points, or 4.1 percent, to 3,476.8.
The nosedive came the same day that government figures were released showing unemployment in Australia had inched to a two-year high of 4.5 percent in December.
Investor sentiment had already been dinged by a U.S. government report showing retail sales dropped 2.7 percent last month, more than double the decline economists had expected. A flurry of bad news for international banks also sent stocks across Asia tumbling.
Iron ore producer Rio Tinto lost AU$3.31, or 8.2 percent, to close at AU$37.30 following a significant drop in iron ore output during the fourth quarter. Mining giant BHP Billiton lost AU$2.04, or 6.6 percent, to close at AU$28.90.


Updated : 2021-05-17 00:27 GMT+08:00