Australian shares fell for the second
time in three sessions as another surge in global trade tensions sent
investors shying away from equities and as A2 shares fell hard.
The
S&P/ASX 200 index fell 42 points, or 0.7 per cent, to 5789 while
the All Ordinaries lost 44 points, or 0.7 per cent, to 5899 and the
Australian dollar traded at US76.92c.
The losses in Australia came after another steep trade-related drop on Wall Street where speculation that the Trump administration is considering a crackdown on Chinese investments in technologies sent a technology sector already battered by revelations around data practices reeling.
Still, concern over a trade war was enough to batter stock prices in the Australian equity market, with the growth-sensitive resource sector under pressure as the banks also sold off.
Iron ore producer Fortescue Metals fell 4.6 per cent to $4.37, diversified miner BHP lost 1.1 per cent to $28.67, while Rio Tinto fell 1 per cent to $73.39.
Banks under pressure included CBA, down 0.8 per cent at $71.86, ANZ, down 1.1 per cent at $27.10, NAB, down 0.8 per cent at $28.40 and Westpac, down 0.4 per cent at $28.58. Macquarie shares fell 1.2 per cent to $102.81.
A2 Milk plunged 7.5 per cent to $12.06 after it said it's expecting marketing investment in the second half of 2018 to exceed investment made in the first half of 2018 by between NZ$35 million ($33 million) and NZ$40 million due to increased spending in China and the USA.
A2 investors were also eyeing a report in the New Zealand Herald that Nestle has launched a rival infant formula product in China under the brand name Atwo. A2 shares have performed strongly this year, up 63.5 per cent.
Australian asset manager Blue Sky Alternative Investments fell 9 per cent to $10.40 before trading was halted in its shares.
The losses in Australia came after another steep trade-related drop on Wall Street where speculation that the Trump administration is considering a crackdown on Chinese investments in technologies sent a technology sector already battered by revelations around data practices reeling.
Still, concern over a trade war was enough to batter stock prices in the Australian equity market, with the growth-sensitive resource sector under pressure as the banks also sold off.
Iron ore producer Fortescue Metals fell 4.6 per cent to $4.37, diversified miner BHP lost 1.1 per cent to $28.67, while Rio Tinto fell 1 per cent to $73.39.
Banks under pressure included CBA, down 0.8 per cent at $71.86, ANZ, down 1.1 per cent at $27.10, NAB, down 0.8 per cent at $28.40 and Westpac, down 0.4 per cent at $28.58. Macquarie shares fell 1.2 per cent to $102.81.
A2 Milk plunged 7.5 per cent to $12.06 after it said it's expecting marketing investment in the second half of 2018 to exceed investment made in the first half of 2018 by between NZ$35 million ($33 million) and NZ$40 million due to increased spending in China and the USA.
A2 investors were also eyeing a report in the New Zealand Herald that Nestle has launched a rival infant formula product in China under the brand name Atwo. A2 shares have performed strongly this year, up 63.5 per cent.
Australian asset manager Blue Sky Alternative Investments fell 9 per cent to $10.40 before trading was halted in its shares.
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