Poor global economic outlook drags down Australian stocks

Recent reports about slowing global economic growth pulled the Australian sharemarket down on Wednesday.

The benchmark S&P/ASX200 slipped 42.9 points, or 0.8 percent to 5241.3. The broader All Ordinaries dropped 51 points, or 1 percent, to 5241.6.

The International Monetary Fund on Tuesday cut its global economic growth forecasts to 3.3 percent for 2014 and 3.8 percent for next year.

Among the banks, the Commonwealth Bank lost 1 percent, National Australia Bank dipped 0.7 percent, the ANZ fell 0.7 percent while Westpac was down 0.4 percent.

Miners were also down with Rio Tinto shares falling 1.6 percent, BHP Billiton down 1.2 percent while Fortescue Metals Group dropped 1.2 percent.

Media stocks were down on Wednesday after advertising data showed slow growth. Fairfax Media lost 3.1 percent while News Corporation shares shed 2.5 percent. Ten Network finished 2.3 percent lower, Nine Entertainment dipped 2.4 percent and Seven West Media fell 1.5 percent.