OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 120 points.
The U.S. is entitled to levy tariffs on $7.5 billion of exports from the European Union over the bloc’s subsidies to Airbus, the World Trade Organization said, potentially opening up a new front in the Trump administration’s global trade fight.
BlackRock has held talks over the past year with internet giant Tencent, as the world’s largest money manager explores ways to strengthen its foothold in China.
Overnight Summary
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Australia’s S&P/ASX 200 index closed 1.5% lower at 6639.9, rattled by growing weakness in the U.S. economy where a closely watched manufacturing gauge fell to its lowest level in more than a decade.
Banks fell after investors digested what lower home-loan rates mean for their profit margins. CBA dropped 2.1% to A$79.60 and ANZ fell 1.5% to A$28.05. NAB was the worst performer in the sector, down 2.3% at A$29.02, after signaling A$1.18 billion in new charges for customer-related remediation and a software capitalization change.
The post-tax charges are forecast to reduce NAB’s 2H cash earnings by A$1.12 billion. Elsewhere, materials stocks were lower with BHP down 1.9% at A$36.30 and Rio Tinto falling 1.6% to A$91.09.
The stock market’s declines were broad and accelerated through the morning. All 11 sectors in the S&P 500 fell, as did all but one of the 30 blue-chip stocks in the Dow.
Among the biggest losers were shares of big industrial and technology companies. Delta Air Lines declined 6.8%, while aluminum parts manufacturer Arconic fell 4.6%. Apple and Google lost 2.4% and 2.3%, respectively.
two-month low after weekly inventory figures reignited worries about a supply glut.
tensions in the Middle East ease.
Korea’s Kospi was down nearly 2% following news that North Korea fired at least one missile off its east coast. The move, seen as a show of strength, came after Pyongyang said it would resume official nuclear talks with the U.S. In Japan, the Nikkei fell 0.5% and Hong Kong’s Hang Seng was down 0.2%. Mainland Chinese stock markets were closed for a holiday.
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