Shares marked time as a measure of Chinese factory activity fell short and tonight's US public holiday dampened buyer interest.
The ASX 200 traded both sides of breakeven before reaching the halfway mark dead flat at 6319. Gains in the gold sector +2.1%, health +0.9% and consumer staples +0.9% were offset by declines in telecoms -1.5%, utilities -0.6%, materials -0.3% and financials -0.2%.
Asian markets retreated as a private gauge of Chinese factory activity missed economists' expectations. Caixin's manufacturing purchasing managers' index eased to 50.6 last month from 50.8 the previous month. Economists had predicted a milder decline to 50.7. China's Shanghai Composite fell 0.81%, Hong Kong's Hang Seng 0.82% and Japan's Nikkei 0.5%.
US stocks finished mixed on Friday as the US and Canada missed a deadline to complete a new trade deal. S&P 500 futures were recently ahead 2.15 points or 0.07% ahead of tonight's Labor Day market holiday.
Crude oil futures dipped 18 cents or 0.26% this morning to US$69.62 a barrel. Gold futures shed $1.50 or 0.12% to US$1,205.20 an ounce. The dollar was buying 71.83 US cents.
A slow start to the trading week as the US public holiday throws brakes on the global money-go-round. Any fireworks here tomorrow will likely have to be generated at home. I squeezed a couple of pips out of JAT before the wheels really came off there. Tried to board several others without success.
