Thanks Oscar and morning crew. Half-time round-up: Shares gave...

Thanks Oscar and morning crew.


Half-time round-up:

Shares gave up most of the week's gains as a terrorist attack in Barcelona and fresh doubts over President Trumps ability to advance his economic agenda sent regional markets lower.  

The ASX 200 dived 68 points in the opening flurry before trimming its loss to 52 points or 0.9% at 5728 at the halfway mark. A close around that mark would leave the benchmark index more than 30 points ahead for the week. The biggest drags on in the index were financials -1.5%, metals & mining -1.4% and industrials -1.3%. Consumer staples improved 0.5%.

Today's rout followed a heavy sell-off on Wall Street as rumours - later denied - swept trading rooms that well-regarded National Economic Council Director Gary Cohn might join the exodus from the White House, further dimming the president's chances of executing his economic program.

"Markets are clearly nervous about US political risk," CMC's Ric Spooner told Fairfax. "While business and Republican party support might still mean that infrastructure and tax reforms are passed, the wider concern for markets is the possibility that the last 12 months will translate into another three years of government impotence."


In Asia, China's Shanghai Composite gave up 0.43%, Hong Kong's Hang Seng 1.08% and Japan's Nikkei 1.03%. Dow futures were recently up seven points or 0.03%.

Crude oil futures retreated eight cents or 0.17% this morning to US$47.01 a barrel. Gold futures put on 50 cents or 0.04% to US$1,292.90 an ounce. The dollar was buying 78.94 US cents.


Just when the market looked to be winding up towards a proper go at 5800, along comes a dump on Wall Street and it's Groundhog Day here once again. ("Phil Connors! Thought it was you! Bing!") The market was primed for a sell-off and found an excuse in a fatuous rumour that the president was about to lose another ally. False though the rumour proved, it indicates just how poor sentiment is towards the White House right now. Trading: got a pip from POS and got a peanut part-fill in PDZ. Quieter than I would like.