Good Morning Fellow Traders, Thanks @Quantum Torus (becoming our...

Good Morning Fellow Traders,

Thanks @Quantum Torus (becoming our regular AM opener), @Ravgnome and AM Loungers. Whilst the other top ten cryptos fell over the past 24 hours, bitcoin has continued its rise. Have we seen the bottom?

The Australian share market has snapped its three-day winning streak to close lower amid global trade war concerns after US President Donald Trump threatened more tariffs on Chinese imports.

The benchmark S&P/ASX200 index ended down 58.3 points, or 0.93 per cent, at 6,277.6 points, while the broader All Ordinaries was 57.3 points, or 0.9 per cent, lower at 6,320.1 points.

Mr Trump said on Friday he was ready to impose tariffs on all $500 billion of imported goods from China, as a trade dispute between the world's two biggest economies shows no signs of abating.

Christopher Conway, head of research and trading at Australian Stock Report said that the market has been on a good run of late, "so it is not surprising that when we see some negative leads and sentiment from offshore that our entire market pulls backward a little bit".

Shaw and Partners senior investment adviser Craig Sidney said the local market was not looking cheap compared to recent falls in Asia.

"Our market has been holding up relatively well compared to Asian markets," he said.
"We're just having a bit of a breather."

In companies news, Wesfarmers slipped 1.3 per cent to $49.35 as it announced it will keep a 15 per cent stake in Coles when it spins off the supermarket chain in November.

Global miner BHP suffered a 1.4 per cent loss to close at $32.45 after it confirmed that it had been served with a class action lawsuit regarding the 2015 Samarco dam failure in Brazil.
Last week, BHP said it expected a $650 million charge in its fiscal 2018 results on account of the failure.

The mining index fell 0.9 per cent, as commodity prices remained pressured by global trade tensions.

Financials were the biggest drag, with the main financial index and Westpac both down 0.9 per cent.
The bank had earlier announced that its wealth management unit, BT Financial Group, cut prices of its flagship platform at a time when its peers have retreated from their wealth businesses.

Gold stocks retreated from morning gains as an uptick in gold prices paused near their highest since July 17.
The yellow metal's earlier gains, supported by an easing US dollar following Trump's criticism of the Federal Reserve's interest rate hikes, lifted the gold index over half a per cent.
But it receded 0.3 per cent by the close for its seventh straight session of losses, with Newcrest Mining down 0.7 per cent at $19.96.

The Australian dollar was at 74.16 US cents at 1700 AEST, from 73.71 US cents on Friday.

ON THE ASX
* The benchmark S&P/ASX 200 index closed down 58.3 points, or 0.9 per cent, at 6,227.6 points
* The broader All Ordinaries index was down 57.3 points, or 0.9 per cent, at 6,320.1 points
* The SPI200 futures contract was down 57 points, or 0.9 per cent, at 6,168 points

CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 74.16 US cents, from 73.71 US cents on Friday
* 82.345 Japanese yen, from 82.81
* 63.29 euro cents, from 63.23
* 56.46 British pence, from 56.59
* 108.92 NZ cents, from 109.06

GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,229.391 per fine ounce, from $US1,224.36 per fine ounce on Friday.

Wall Street stocks largely rose on Monday as a jump in 10-year bond yields boosted financials and as news of upcoming international trade talks offset the negative impact of the strengthening U.S. dollar on corporate earnings forecasts.

The financial sector .SPSY rose 1.4 percent after 10-year U.S. Treasury yields climbed to their highest level in five weeks. The Federal Reserve was seen as likely to continue raising interest rates despite criticism from President Donald Trump.

News of ongoing trade talks helped U.S. stocks edge upward. Mexican President-elect Andres Manuel Lopez Obrador sent Trump a letter urging a quick wrap-up of trade negotiations, and trade officials from Mexico and the United States will meet later this week.

Also, European Commission President Jean-Claude Juncker is scheduled to meet with Trump on Wednesday, though he will not arrive in Washington with a specific trade offer.

“One of the reasons we’re holding tight is rumors that there will be progress made on trade agreements with Europe, as well as the new comments from the president of Mexico,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.

The Dow Jones Industrial Average .DJI fell 3.57 points, or 0.01 percent, to 25,054.55, the S&P 500 .SPX gained 5.24 points, or 0.19 percent, to 2,807.07 and the Nasdaq Composite .IXIC added 21.58 points, or 0.28 percent, to 7,841.78.

Still, the effects of international trade tensions weighed as some investors worry that the U.S.-China trade war could spill over to the currency markets. The dispute has sent the dollar higher, and as a result, several U.S. multinationals are reevaluating their currency hedging strategies.

Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored decliners.
The S&P 500 posted 26 new 52-week highs and five new lows; the Nasdaq Composite recorded 107 new highs and 50 new lows.
Source: Netwealth Morning Business Roundup

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