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Morning Update – Tuesday 28 July, 2015

It’s looking like another tough start for the Aussie market today, after U.S. markets followed Chinese market lower overnight.

The global equity sell-off sparked by a Chinese stockmarket rout spread to Wall Street, propelling U.S. stock indexes to their fifth consecutive session of losses.

Disappointing earnings over the past week and lackluster economic data has put pressure on the main equities, prompting traders to sell risky assets such as stocks and commodities while piling into havens such as Treasurys and gold.

The Nasdaq was hit the hardest, falling 48.9 points (-1%) to 5,039.8.

The tech-heavy index is now 3.4% below its all-time high reached a weak ago.

The Dow Jones fell 127.9 points (-0.7%) to 17,440.6, with 25 of its 30 members finishing lower.

The S&P 500 dropped 12 points (-0.6%), to 2,067.6, with nine of its 10 main sectors finishing lower.

Energy and materials stocks led the losses, while utilities were the lone bright spot, finishing 1.3% higher.

In the commodity space, gold shed 0.6% and Brent oil tumbled 3.1, whilst iron ore bucked the trend to add 1.8%.

The Aussie dollar was little changed overnight and this morning is fetching 72.7 U.S.

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