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Money Australia shares set to slip as Wall St, commodity prices fall; New Zealand inches down

15:51  14 march  2018
15:51  14 march  2018 Source:   reuters.com

Aussies lose to All Blacks in rugby Sevens

  Aussies lose to All Blacks in rugby Sevens Sione Molia bagged a spectacular try in extra time as New Zealand beat Australia 17-12 to finish fifth at the Las Vegas Sevens.Sione Molia received the ball behind his own posts and ran more than 100m to bag a spectacular match-winning try, producing two jinks to elude Australian sweeper James Stannard.

"Obviously, the mix of commodities prices over the last year has been very favourable, with (Rio's) profit Commonwealth Bank of Australia (CBA.AX) dropped 1.2 percent, with National Australia Bank (NAB.AX) down by the same Telecommunications firm Spark New Zealand (SPK. NZ ) and Fisher

Wall Street ’s focus returned on Tuesday to a fast escalating trade war and the damage it could do to business confidence and economic growth. Global stock benchmarks and commodity prices fell . Shares in Hong Kong, Tokyo and mainland China also closed sharply lower.

Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange in Sydney © REUTERS/David Gray Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange in Sydney Australian shares are expected to open lower on Wednesday, mirroring weakness on Wall Street following the firing of the U.S. Secretary of State, while waning commodity prices are likely to pressure materials stocks.

Financial stocks may also experience some duress as a judicial inquiry into Australia's scandal-ridden banking sector begins. [.N] [O/R] [IRONORE/]

The local share price index futures (YAPcm1) fell 0.6 percent or 34 points to 5,934, a 40.7-point discount to the underlying S&P/ASX 200 index (.AXJO) close. The benchmark fell 0.4 percent on Tuesday.

New Zealand's benchmark S&P/NZX 50 index (.NZ50) fell marginally in early trade.

The ASX is sinking .
The ASX fell hard in early trade. The ASX200 slumped below the key 5900 support level. A short time ago it was at 5,837.20, down 100 points or 1.68%. The local market followed Wall Street where the S&P500 fell 2.5% over fears of an escalating trade war.President Donald Trump signed a memorandum that could impose tariffs on up to $US60 billion of Chinese imports. The Dow Jones index closed 2.9% lower and the tech-heavy Nasdaq fell by 1.8%. The ASX was a sea of red.The world's biggest miner BHP had lost 3.8% to $28.55 and Rio Tinto 4.4% to $73.34.All the big four banks were sliding. The ANZ was at $27.78, a 1.4% fall.

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