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Australia Market falls on Italian political turmoil, bank shares take hit
30-May-18   15:49 Hrs IST
Australia stock market closed session lower on Wednesday, 30 May 2018, following soft offshore lead as political turmoil in Italy weighed on investor sentiment. Investors across the globe have fled to safe-haven assets, amid growing concerns Italy may have to return to the polls after failing to form a government after the March elections. Markets are concerned fresh elections in Italy may give more power to anti-establishment and euro-sceptic parties and threaten the country's future in the eurozone. At the close, the benchmark S&P/ASX200 index closed down 28.9 points, or 0.48%, at 5,984.7 and the broader All Ordinaries index was down 27.9 points, or 0.46%, at 6,093.8 points. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 756 to 466 and 422 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 15.43% to 13.201.

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