Australian markets decline on fears of trade war

Australian markets declined on fears of a global trade war. The benchmark S&P/ASX 200 closed 1.79 percent lower at 8,379.40, marking its steepest one-day drop since Sept. 4. The broader All Ordinaries index fell 1.84 percent to 8,628.40, with banks and mining stocks pacing the declines.

The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in December, the Australian Bureau of Statistics said on Monday - coming in at A$36.991 billion.

The manufacturing sector in Australia moved back up into expansion territory in January, the latest survey from S&P Global revealed on Monday with a PMI score of 50.2.

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