The Australian sharemarket had its worst day in two months yesterday amid renewed concerns over the eurozone debt crisis.
The All Ordinaries index lost 1.7% to 4,159 and the ASX 200 shed 70 points to 4,129. There were losses across the board, including Myer, Telstra and JB Hi-Fi.
The drop follows fears that the Spanish government will require a bailout similar to that of Greece, Ireland and Portugal.
TPG makes second Billabong bid
Troubled surfwear brand Billabong has been made the subject of a further, and much lower, bid by US investment firm TPG.
According to The Australian Financial Review, TPG has offered $695 million for Billabong, well down on the $850 million it offered in February.
Online shopping set for further growth
Online shopping is expected to grow to the point where it accounts for 6.3% of all purchases by the end of the year, according to a new report.
The PwC and Frost and Sullivan Global Retail and Consumer report found that a record 53% of Australians aged over 15 are using the web to buy goods and services.
The Dow Jones Industrial Average fell 101.11 points, or 0.79%, to 12,721.46. Concerns over the eurozone pushed the Australian dollar down to US102.80 cents.