Market Wrap: ASX falls as China outlook toughens

The local sharemarket made a gradual recovery in the afternoon, but still ended the day in the red.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.6% to 5202 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.6% to 5234 points
• AUD/USD at US 73.18 cents
• Iron Ore at US$56.61 a tonne, according to the Metal Bulletin
• Gold at US$1,155.12 an ounce
• Brent oil at US$50.24 a barrel

The market was led down by the resources sector, which cooled after commodity prices fell overnight. At the same time, the Australian dollar snapped its recovery on the back of weak Chinese trade data.

Fortescue Metals Group Limited (ASX: FMG) was one of the most notable casualties, falling 8.8%. Fellow iron ore miners Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) dropped 2.6% and 2.2% respectively.

The energy sector was also hit hard. Santos Ltd (ASX: STO), Origin Energy Ltd (ASX: ORG) and Liquefied Natural Gas Ltd (ASX: LNG) dropped 6.2%, 5.4% and 9.6%, respectively. LNG Ltd was the market's worst performing stock for the day.

Australia and New Zealand Banking Group (ASX: ANZ) was the only bank to record a gain. It rose 0.6% while its peers all fell between 0.5% and 0.6%.

Arrium Ltd (ASX: ARI) and Qantas Airways Limited (ASX: QAN) were the market's best performing stocks, lifting 7.5% and 4.2%.

Here are Tuesday's top stories:

1. 10 retail stocks you can buy today
2. Here's why Fortescue Metals Group's shares crashed today
3. iSelect Ltd receives takeover offer: What you need to know
4. Is Somnomed Limited a better buy than ResMed Inc. (CHESS)?
5. The scary truth behind the Big Four Banks' fully franked dividends
6. Why you should buy Transurban Group for dividends and growth