Market Wrap: ASX falls as government responds to Financial System Inquiry

The local share market ended lower today, weighed down by the country's biggest miners.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.6% to 5,235 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.6% to 5,271 points
• AUD/USD at US 72.67 cents
• Iron Ore at US$53.30 a tonne, according to the Metal Bulletin
• Gold at US$1,168.99 an ounce
• Brent oil at US$48.80 a barrel

Australian mining companies wore the brunt of today's selloff after a fall in a number of major commodity prices overnight.

From the iron ore sector, BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) both fell 2.9% and 2.3%. Energy producers Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) ended 3.1% and 5% lower.

Meanwhile, gold miners Northern Star Resources Ltd (ASX: NST) and Newcrest Mining Limited (ASX: NCM) also dropped 4.3% and 5.1%, respectively.

The banks also fell sharply due to the government's response to the Financial Services Inquiry (which will see tougher restrictions imposed on the biggest lenders). Australia and New Zealand Banking Group (ASX: ANZ) fell 1.6%, with each of its three peers losing between 0.6% and 1.5%.

Western Areas Ltd (ASX: WSA) was the worst performing stock, falling 7.3%. Mount Gibson Iron Limited (ASX: MGX) was the best, rising 5.6%

Here are Tuesday's biggest stories:

1. Winners and losers from the government's Financial System Inquiry
2. 10 changes from the Financial System Inquiry you need to know about
3. Credit card fees to be crushed
4. Cochlear Limited updates market: Is it still a bargain?
5. Telstra Corporation Ltd hits its lowest point all year – is it a buy?
6. Why investing in 'Unicorn' tech companies is a dangerous way to make money