Despite a promising start, Aussie stocks have faded in afternoon trade to post their eighth straight loss for its worst start to a year on record.
At the close on Tuesday, the benchmark S&P/ASX200 index was 7.1 points, or 0.14 percent, lower at 4,925.1, while the broader All Ordinaries index was down 8.5 points, or 0.17 per cent, at 4,982.2.
All eyes again were on China's equities and the 1215 local time offshore Yuan fix with Tuesday's declines having mirrored those of the past seven sessions, IG market analyst Evan Lucas said. "In fact, the fix is beginning to be the most important intraday trading theme in Asia. It's dividing the trading day into pre-fix 'positioning' session and post-fix 'trading' session."
Deep seated concerns on China's outlook further depressed base metal and oil prices to new cyclical lows, sending the heavy weighted resources and energy stocks lower. BHP Billiton dropped 3.47 percent, rival Rio Tinto fell 3.33 percent and gold miner Newcrest retreated 1.64 percent. Oil Search shed 4.15 percent, Santos slumped 8.10 percent and Woodside Petroleum is 1.99 percent weaker. ANZ dropped 0.40 percent, the National Australia Bank slipped 0. 26 percent, however the Commonwealth Bank of Australia rallied 0. 95 percent and Westpac gained 0.85 percent. Defensive stocks were also bid, with Qantas up 2.26 percent and Telstra added 1.13 percent. Woolworths edged 0.73 percent higher however Wesfarmers is down 0.73 percent.
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