Australian stocks fell for the second day in a row, and the market fell across the board as hopes of cutting interest rates for the fourth time this year were slim.
The S & P / ASX 200 closed today with a loss of 35 points, or 0.52%, at 6,758.4.
The Australian dollar rose strongly in local currency markets, from 67.83 cents to 68.32 cents.
Figures released on Thursday showed Australia's unemployment rate unexpectedly falling to 5.2 percent, coupled with a speech by Australian Reserve Bank Governor David (Philip Lowe) at an International Monetary Fund (IMF) event in the Washington early this morning. People should not speculate that the central bank will cut interest rates further, making financial markets now think it is impossible for the central bank to cut interest rates for the fourth time this year.
All sectors of the local stock market fell, with consumer stocks falling the most, with the sector index down 1.2 percent.
Huhefu supermarket (Woolworths) fell 1.2 percent, Gaussian supermarket (Coles) fell 1.6 percent, Fuyi wine group (Treasury Wine Estate) fell 1.7 percent.
All four major banks, ANZ Bank (ANZ) fell 0.7 percent to 27.76 yuan. National Bank (NAB) fell 0.4 percent to 28.76 yuan. (Westpac) loss of WestPacific Bank was 0.8%, quoted at 28.84 yuan. Federal Bank (CBA) fell 0.6 percent to 79.64 yuan.
Among the big mining stocks, BHP Billiton (BHP) fell 0.2 percent to 34.79 yuan, but Rio Tinto (Rio Tinto) climbed 0.8 percent to 87.87 yuan. Fortescue Metals rose 1.6 percent to close at 8.29 yuan, mainly due to signs that the decline in iron ore prices was slowing.
St Barbara Gold shares tumbled 9 percent to a two-year low of 2.53 yuan a share. It today announced a decline in production at the Gwalia gold mine in Western Australia, which is working to extend the life of the old mine.
The Australian ASX200 index rose 42.9, or 0.65 percent, this week.
