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The Australian share market has closed at a six-month low after duties on Wall Street sparked a sharp sell-down. By the close, the All Ordinaries Index was down 1.2% or 66 points. The ASX 200 Index fell 1.3%.
Stocks were low across the boards. Iron ore miners led the declines after another fall in the ore's price overnight. The banks took a hit. CBA lost 2%. The exception today were gold mining stocks.
Across the region, Japan's Nikkei fell 0.9%. And the Australian Dollar is falling steeply against the greenback ahead of the European session, right now at 87.5 US cents.
Nauru's finance minister says the country is out of money and services will soon start shutting down. Nauru has refused to pay a debt to a US-based fund manager Firebird which has now blowned to 13 million dollars. The government's bank accounts have been frozen as a result. Nauru is seeking to urgently free up the funds. The country's finance minister told the New South Wales Supreme1 Court that the island will shortly run out of cash, meaning it won't be able to transport health, legal and other contractors2 to the detention3 center and that will impact refugees. The trial surrounding the fund starts on Monday.
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1 supreme | |
adj.极度的,最重要的;至高的,最高的 | |
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2 contractors | |
n.(建筑、监造中的)承包人( contractor的名词复数 ) | |
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3 detention | |
n.滞留,停留;拘留,扣留;(教育)留下 | |
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