The ASX 200 slumped 68 points or 1.1
The effect on markets was profound: US stock futures fell almost 2
The Australian market opened
A soft trading update from Westpac added the headwinds. The bank’s half-year profit slumped 22
Macquarie Group fell for a second session following reports the financial powerhouse is on the nose in Denmark. Bloomberg reported the $90 billion Danish fund PFA is refusing any new deals with Macquarie while German authorities investigate the bank over an alleged dividend tax fraud. Macquarie shares fell 2.4
The high-flying I.T. sector took a heavy hit as traders locked in profits on some of the year’s best-performing stocks. Appen shed 5.2
Havens from the carnage were scarce, but gold stocks soaked up some of the selling as the precious metal ticked higher. Evolution Mining gained 2.4
US-China trade talks were believed to be nearing a conclusion prior to the President’s intervention, which he said followed attempts by the Chinese to renegotiate. The President announced this morning that tariffs on $200 billion of Chinese goods will increase on Friday to 25
The reaction in Asia was brutal: China’s Shanghai Composite gave up 4.1 per cent and Hong Kong’s Hang Seng 3.5 percent. Japanese markets remained closed.
In the US, S&P 500 futures fell 56 points or 1.9 per cent. Texas crude oil futures sagged $1.40 or 2.3 per cent to $US60.54 a barrel.