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Australia Market falls to one-month low

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The Australian share market tumbled to one-month low on Tuesday, 14 May 2019, as investors abandoned equities for safe-haven assets amid intensifying US-trade tensions after announced that it will retaliate against the US hike by lifting tariffs on $60 billion of US imports from 1 June 2019. Most of sectors declined, with financials, energy, and issues being notable losers. At closing bell, the benchmark S&P/ASX200 index fell 13.26 points, or 0.21%, at 6,297.59 points, while the broader All Ordinaries dropped 11.83 points, or 0.19%, at 6,381.30.

Selling has intensified for local shares on Tuesday with the escalation of US-trade tensions. China announced Monday that it will raise tariffs on $60 billion worth of U. S. goods, beginning on June 1.

The goods targeted include a broad range of Last week, U. S. raised duties on $200 billion in Chinese goods to 25% from 10%.

Shares of materials sector closed into the green, boosted by Fortescue's 7.4% jump after announcement of a massive special Mining behemoth was off 1.1% at close, however, rival reversed course from early losses to end slightly higher.

Financials were the main drag on the broader market as the big four banks eased by 1% or more. was down 1.5% while National Bank dropped 5.3% as it trades ex- and closed 6% and 3.4% lower, respectively.

ECONOMIC NEWS: Australian consumer confidence fell by 2.1% last week from the prior week, according to an ANZ-survey. Confidence around economic conditions dropped sharply, however, with current economic conditions down 8.1%, continuing a recent volatile pattern, and future economic conditions falling 3.3%.

CURRENCY NEWS: The Australian dollar declined against the U. S. dollar on Tuesday, as trade tensions intensify. The Australian dollar was quoted at 69.86 US cents, having been as high as 70.08 US cents during late US trade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 16:29 IST
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