Australia ASX200 drops below the 5500 point level

Australian share market stumbled on Wednesday, 03 August 2016, as investor sentiment undermined by weak lead from offshore markets overnight, further weakness in the oil price, pressure on European banks, and more soft economic data out of the United States. Barring gold, all ASX sector dived into sea of red, with property trusts, financials, realty, utilities, consumer goods, and retailers stocks being major losers. At close of trade, the benchmark S&P/ASX 200 index tumbled 74.80 points, or 1.35%, to 5465.70. The broader All Ordinaries has lost 70.70 points, or 1.26%, to 5551.40.

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