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The Australian share market sank 1.4 per cent by close to erase the weekly gain after Wall Street plummeted overnight. Global markets fell amid fears for Argentina’s debt default, conflict in the Middle East, and between Russia and Ukraine, and weak economic and earnings reports.The sell-off came ahead of America’s key monthly jobs report this evening which is expected to show the sixth straight monthly creation of more than 200,000 jobs. Economists have tipped nonfarm payrolls will rise by 230,000 in July while the unemployment rate is expected remain at 6.1 per cent.In the week ahead Australia will get the Reserve Bank of Australia’s August interest rate decision as local reporting season fires up.CommentaryFNN asks AMP Capital’s Chief Economist Shane Oliver what was behind today’s falls and if this could be the start of a correction.FiguresThe S&P/ASX 200 index sank 77 points today, erasing the weekly gain to lose 27 points over the week at end at 5,556.The value of trades was $4.84 billion on volume of 769 million shares at the close of trade.The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and CSL Limited (ASX:CSL).On the futures market the SPI is 72 points lower.Wall StreetAmerica’s major indexes have declined over the four trading days this week: The Dow Jones Industrial Average has lost 3.1 per cent. The S&P 500 Index has lost 3 per cent points. The NASDAQ has lost 2.3 per cent points. The 100 Index has lost 2.3 per cent points.Economic newsManufacturing activity moved into expansion territory last month for the first time since October, according to the Australian Industry Group.In the housing sector RP Data reported Australian capital city home prices rose 1.6 per cent in July, driven by strength in Sydney and Melbourne.Company newsWoodside Petroleum Limited’s (ASX:WPL) proposed buyback of its shares has been unable to clear the shareholder vote hurdle. The oil and gas producer was planning to finalise a $US2.68 billion buyback of almost 10 per cent of its own shares from Royal Dutch Shell. However, the 72 per cent of shareholders who backed the deal today fell under the 75 per cent required for it to pass. Shares in Woodside Petroleum fell 1.41 per cent to end the week at $41.92.ResMed Inc (ASX:RMD) reported a higher net profit but weighed down by lower fourth quarter sales from the US. The sleep disorder equipment manufacturer boosted its annual net profit by 12 per cent to $US345 million. CEO Mick Farrell says the lower than expected fourth quarter was partially offset by good growth in ResMed’s international markets. Shares in ResMed dropped 5.08 per cent to end the week at $5.23.National Australia Bank Limited’s (ASX:NAB) newly appointed chief wasted no time shaking up the executive team. On his first day CEO Andrew Thorburn has today unveiled a series of changes to the bank’s leadership.Kathmandu Holdings Limited (ASX:KMD) defined today’s gloom and rose after revealing it is expecting a better than expected full year result. The outdoor equipment retailer’s sales have been supported by run of cold weather in July which looks to translate to improved earnings.Best and worst performersAll sectors retreated into the red: The sector with the smallest falls was utilities, losing 0.7 per cent to close at 5,900. The worst performing sector was health care, retreating 2.6 per cent to close at 14,186 points.The best performing stock in the S&P/ASX 200 was Kathmandu Holdings Limited (ASX:KMD), rising 3.31 per cent to close at $3.12. Shares in Myer Holdings Limited (ASX:MYR) and Sirius Resources NL (ASX:SIR) also closed higher.The worst performing stock was Lynas Corporation Limited (ASX:LYC), sinking 17.65 per cent to close at $0.14. Shares in Medusa Mining Limited (ASX:MML) and ResMed Inc.(ASX:RMD) also closed lower.CommoditiesThe price of gold is trading at $US1,284 an ounce, down $27.22 over the week.Light crude is $2.10 lower at $US93.17 a barrel.CurrenciesThe Australian dollar is buying $US0.9893, down $US0.007 over the week.
