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MoneyASX slumps as US-China trade fears return

02:40  14 may  2019
02:40  14 may  2019 Source:   msn.com

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China 's top trade negotiator, Vice Premier Liu He, appealed for calm at an expo in Chongqing on Monday but Pepperstone head of Elsewhere in the materials sector, Boral fell 20.6 per cent to a six-year low of .94 after the building materials maker's underlying net profit slumped 7.0 per cent.

On Monday, US President Donald Trump said China wanted to strike a deal, boosting sentiment on the local market and lifting the local bank and resource stocks on Tuesday. The demand for safer havens was zapped by hopes Washington and Beijing would return to the trade negotiating table.

ASX slumps as US-China trade fears return © AAP Image/Dean Lewins

The Australian share market has opened lower as traders appeared cautious amid renewed concerns about China-US trade relations.

The benchmark S&P/ASX200 index was down 29.9 points, or 0.47 per cent, to 6,281.0 points at 10:30am AEST on Monday, while the broader All Ordinaries was down 26.3 points, or 0.41 per cent, to 6,366.8.

The early slump, which came despite the futures market overnight pointing to a rise in the ASX, was led by the financial sector as ANZ and Macquarie traded ex-dividend.

The big four banks were all lower, with ANZ down 3.84 per cent to $26.445, NAB down one per cent to $25.68 and Westpac down 0.51 per cent to $27.08.

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The futures market suggests the ASX will open sharply lower. Ahead of talks between US and Chinese delegates set to start on Thursday, a media report suggested the US administration was considering limiting capital flows, particularly investments by US government pension funds, to China .

The US did, however, agree to suspend tariffs on $ US 160 billion in Chinese -made mobile phones, laptops and other goods that were due to take Related Stories. US lifts China 's currency manipulator status as initial trade deal nears. ASX closes at fresh high as US shares resume record run.

Commonwealth was down 2.98 per cent to $73.15 after it reported its third-quarter profit fell 28 per cent compared to the two previous periods while Macquarie Group fell 3.92 per cent to $119.75.

Mining giant BHP was down 0.54 per cent to $36.60 while Rio Tinto was down 0.18 per cent to $95.10.

Eclipx Group was down 7.03 per cent after the fleet leaser said it was selling its GraysOnline and Right2Drive businesses after first-half impairments of up to $130 million.

Reliance Worldwide was down 17.57 per cent after the plumbing supply firm downgraded its guidance.

AusNet was down 0.81 per cent after the energy company said its net profit after tax for the year ended March 31 had fallen 12.9 per cent.

The Aussie dollar is buying 69.83 US cents, from 69.94 US cents on Friday.

China’s state party posts defiant message about trade war with U.S. on social media site

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US and Chinese trade officials are set to resume negotiations on Thursday and Friday in the hopes of striking a last-minute trade deal. On Monday (local time) US Trade Representative Robert Lighthizer said China had backtracked from commitments made during trade negotiations and would be hit with

Fears over the potential trade fallout saw the Frankfurt DAX index, London and Paris all shed more than three percent. "Not only were miners in deep distress over the potential for another nosedive in US - China relations, but BP and Shell plunged 3.0-percent apiece as Brent crude tumbled back under

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We'll stick together as a team and we'll be ready for it."

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