Australia market falls on weak China data

The Australian share market declined for third straight day on Friday, 24 July 2015, as risk sentiments deteriorated after Chinese manufacturing output data unexpectedly hit a 15-month low. Any weakness from China has a detrimental effect on the Australian market and in economy. Most of the ASX sectors declined, with shares of retailers, consumer goods, resources and financial blue-chip companies being major losers. The benchmark S&P/ASX 200 Index dropped 24.20 points, or 0.43%, to 5566.10 points, while the broader All Ordinaries Index lost 24.50 points, or 0.44%, to 5556.80 points. Over the week, the S&P/ASX200 benchmark slipped 1.8% and the All Ordinaries lost was down by 1.7%. The loss comes on the heels of a 3.2% gain last week.

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