Australian Investment Blog

• The ASX continued on its slippery slope today, with heavy selling from the futures causing the Index to close down 52 points (-0.9%) to 5,553.• Pressure from the Banking sector also contributed to most of the broader market’s weakness. Commonwealth Bank (CBA) lost 1.7% to $81.57 (down 4.1% for the week!).• The resource sector outperformed, however. RIO Tinto (RIO) rallied 1.8% to $57.50 and Fortescue Metals (FMG) up 2.1% at $2.43.• The Australian Gross Domestic Product (GDP) figures came out at 11.30am and were slightly better than expected. Consensus was for +0.7% QOQ growth, but was released as +0.9%. Even these slightly better figures were of no help in today’s weakness.