Shares fell towards a third loss but avoided the worst of a global sell-off thanks to resilience among the big banks.
The ASX 200 slumped almost nearly points at the open before cutting its mid-session deficit to 26 points or 0.4% at 6185. Modest gains in financials +0.4% and utilities +0.6% shielded the index from deeper losses as the metals & mining sector shed 1.8%, materials 1.5%, IT 1.4% and industrials 0.8%.
Most Asian markets suffered deeper losses as the threat of an all-out trade war between China and the US clouded the economic outlook. China's Shanghai Composite declined 1.28%, Hong Kong's Hang Seng 1.15% and Japan's Nikkei 0.52%.
Overnight, the S&P 500 slid 1.37% and the Dow 1.33% to close beneath its 200-day moving average as investors became less convinced that recent trade threats from the Wall Street were no more than negotiating tactics. S&P 500 futures were recently lower by 2.75 points or 0.1%.
Crude oil futures gained 14 cents or 0.21% this morning to US$68.22 a barrel. Gold futures eased $2.40 or 0.19% to US$1,266.60 an ounce. The dollar was buying 74.06 US cents.
A negative morning, but fairly mild compared to events in the US and China. No real evidence yet from our resource stocks that the big money thinks the trade stink won't pass with minimum damage. Trading: hoped for a livelier session but had to settle for a couple of pips from GSC and beer money from a meagre part-fill in LAA.
