Aust stocks close 1.3% lower

By Elizabeth Redman

CMC Markets analyst Michael McCarthy said the authorisation of air strikes appeared to be the trigger for the sell-off, although investors had already been treading cautiously and were also digesting the news that the Reserve Bank of Australia had cut its forecasts for growth and inflation. "We've seen a pattern emerging in Australian stocks over the last 18 months.

Nervous investors have pushed the Australian sharemarket sharply lower after US President Barack Obama authorised targeted strikes in northern Iraq. At the 4. 15pm (AEST) official market close, the benchmark S&P/ASX200 index slipped 73. 7 points, or 1. 34 per cent, to 5,435. 3, while the broader All Ordinaries index retreated 71. 1 points, or 1. 29 per cent, to 5,429. 6.

Read more here: Business Spectator

    

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