ASX 200 at seven-week low; Downer hammered on guidance cut, Qantas names Cam Wallace as international boss

Shares tumble on falls led by materials. Downer sinks on guidance cut, $22m blunder. BHP at three-month low. TPG gains on profit beat. Fortescue trades ex-dividend. 

Local and global economic data and earnings reports are in focus for equity investors. Picture: Gaye Gerard

Welcome to the Trading Day blog for Monday, February 27. The Australian sharemarket has tumbled to a seven-week low on Monday as iron ore dives on China pollution crackdown and after US personal consumption expenditures cames in hotter than expected, fuelling rate jitters.

The S&P/ASX 200 index closed 1.1 per cent lower to 7224.80, which is its lowest close since January 11. 

Wall Street was expected to rise this evening following sharp falls on Friday. Futures tied to the S&P 500 are up 0.2 per cent, Nasdaq lifts 0.3 per cent and Dow Jones futures are up 0.1 per cent.

The dollar was trading around US67.10c at the close.