Aust stocks slip 1.42% for week
The Australian sharemarket has slipped 1.42 per cent for the week, with resource and financial stocks leading the fall after overseas debt worries and economic data weighed on the local bourse. For the week, the benchmark S&P/ASX200 index slipped 1.42 per cent for the week to end at 4635.2 points, while the broader All Ordinaries index slipped 1.48 per cent to 4651.4 points. "The past week has seen worries about high sovereign debt in several countries and softer economic data from Europe and Japan weigh on investment markets," AMP Capital chief economist Shane Oliver said. "Our assessment is that sovereign debt problems are significant, but they are more likely to be speed bumps that will slow the recovery in key advanced countries rather than stop it." "The good news is that Australia and most Asian countries (excepting Japan) don’t have much in the way of public debt." Mining stocks led the fall, with BHP Billiton slipping 2.17 per cent to $40.50, after finally washing its hands of its Ravensthorpe nickel facility with a $US340 million ($A372.3 million) sale to First Quantum Minerals Australia.