Australian stocks declined today, due partly to concerns over the scrapping of the BHP-Rio Tinto Iron Ore joint venture.
The all ordinaries index closed out 34.8 points lower at 4723.4, and the S&P/ASX 200 declined 37.1% to 4651.9.
RIO and BHP announced today that they decided to walk away from the venture, stating that it had become increasingly apparent that they would not be able to get the regulatory approvals required to proceed.
ComSec analyst Juliette Saly said the declines were down to the cancellation of the JV, as well as concerns about foreclosures for US financial companies.
BHP (ASX:BHP) stock slumped 1.13% to $41.180, while RIO shares fell by 0.3% to $82.980.