Australia Market falls to three-week low

Australia stock market closed session near three-week low on Tuesday, 22 May 2018, due to heavy selloff in banks and financials after admissions of misconduct by the country's biggest lenders in a powerful Royal Commission inquiry into the scandal-hit sector. The benchmark S&P/ASX200 index dropped 42.6 points, or 0.7%, to 6,041.9 points, while the broader All Ordinaries index shed 40.3 points, or 0.65%, to 6,149.9 points. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 757 to 485 and 368 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 13.18% to 13.466 a new 1-month high.

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