Australian stocks fall on Wall Street worries

Business Materials 18 November 2008 10:19 (UTC +04:00)

Fears of a deepening recession struck Australian stocks Tuesday with the bellwether index down 3.5 per cent.

The ASX 200 gave up 129 points, or 3.5 per cent, to 3,523, reproted dpa.

The resources sector was hit hard because of a further fall in commodity prices.

One bright spot was a 17-per-cent lift in the value of Macquarie Bank, Australia's leading investment bank, following the reporting of a 43-per-cent fall in profits announced Monday. The losses were a lot less than the market had expected.