Australia Market falls ahead of G20 Summit

Headline indices of the Australian equity market declined on Friday, 28 June 2019, as investors attention remained on the meeting between President Donald Trump and President Xi Jinping that could determine the next chapter in the trade war between the world's two largest economies. Around late afternoon, the benchmark S&P/ASX200 index declined 30.71 points, or 0.46%, at 6,635.60 points, while the broader All Ordinaries shed 27.51 points, or 0.4%, at 6,715.50.

Investors looked toward developments on the U.S.-China trade front, with Presidents Donald Trump and Xi Jinping set to meet at the June 28-29 G20 summit in Osaka. A positive outcome could provide the market with a boost while a collapse in discussions could be a weight. An agreement between Trump and Xi at the G-20 summit in Japan could avert the next round of tariffs on additional $300 billion worth of Chinese imports.

 

At the G-20 summit, Xi told a meeting of the BRICS (Brazil, Russia, India, China, South Africa) countries' leaders that protectionist measures being taken by some developed countries are damaging the global trade order.

CURRENCY NEWS: The Australian dollar was little changed against the U.S. dollar on Friday. The Australian dollar changed hands at $0.7009 after rising from levels below $0.700 yesterday.

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