The Australian stock market has lost its early gains and has plummeted on worries over the US presidential election this week and a sharp drop in Westpac’s annual earnings in early trading.
At 10:50 a.m. AEDT, the ASX 200 index fell 0.12 percent, or 7 points, to 5,921.
Miners and health stocks rose. Financial stocks were mixed.
Oil stocks, staple food and tech companies were lower.
The All Ordinaries Index fell nearly 0.2 percent to 6,122.
The Australian market fell nearly 4 percent last week; It’s the worst week in six months.
Today, Westpac shares lost 1.2 percent after a sharp drop in annual earnings was announced.
The Commonwealth Bank fell 2.1 percent.
Colonial First State Arm chairwoman Anne Ward will step down as part of the proposed sale of 55 percent of the unit to private equity firm KKR.
AMP rose again 8 percent to $ 1.65 after a takeover bid by US private equity firm Ares Management had an implied value of $ 1.85 per share, or $ 6.4 billion.
Building materials maker CSR announced that its half-year net income fell 15 percent to $ 58.7 million after sales fell 6 percent.
Investors receive an interim dividend of 8.5 cents per share and a special dividend of 4 cents per share.
That took CSR shares up 2.5 percent to $ 4.52.
Seek slumped 3.6 percent, despite a US hedge fund investigation that found its Chinese entity had fake job advertisements inaccurate and baseless.
Jewelry company Lovisa will close 64 stores in France and the UK to help contain the coronavirus.
The shares fell 1.3 percent to $ 7.40.
At 10:50 a.m. AEDT, the Australian dollar was down 0.4 percent to 70 cents, its lowest level since late July.
The Reserve Bank plans to partner with Commonwealth Bank, National Australia Bank, Perpetual, and ConsenSys Software, a blockchain technology company, to explore the possible use of a wholesale form of the central bank’s digital currency.
Spot gold was stable at $ 1,877.12 an ounce.
Brent crude fell 5.3 percent to $ 33.90 a barrel.
Wall Street was sold out due to election concerns
US stocks ended Friday lower in Wall Street’s biggest weekly sell-off since March.
Record spikes in coronavirus cases, a decline in technology stocks, and uncertainty over the upcoming US presidential election weighed on investor confidence.
However, the Dow Jones Index fell from its lows, falling 158 points, or 0.6 percent, to 26,502, the S&P 500 fell 1.2 percent to 3,270, and the Nasdaq Composite fell 2.5 percent to 10,912.
Apple fell 5.6 percent after seeing its biggest drop in quarterly iPhone sales in two years, and Amazon fell 5.5 percent after forecasting a rise in costs due to COVID-19.
Facebook lost 6.3 percent after warning of a tougher 2021.
Twitter slumped 21.1 percent after gaining fewer users than expected in the third quarter, warning that the U.S. elections could hurt ad revenue.
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