Australian equities undermined by trade disputes; NZ Dips, Stocks

Wed, Jul 11, 2018 – 3:21 PM

[BENGALURU] Growing trade tensions hit Australian stocks Wednesday, as Washington threatens to impose $ 200 billion worth of duties on 39, Chinese imports sounded the alarm on the financial markets. ] Generalized losses pushed the S & P / ASX 200 index down 0.7% or 42.5 points to 6,215.6 at market close, reflecting the sluggishness of Asian equities. The benchmark fell 0.4% Tuesday

Negative sentiment weighed heavily on financial stocks that fell 0.7% and dominated declines.

Commonwealth Bank of Australia fell 0.5% to a trough of a week, Westpac Banking Corp dropped 0.7 percent

The threat of new rates also led to a sale to Chinese iron ore and base metal prices, affecting stocks of local materials

. The turnover of Rio Tinto Ltd fell by 1.8%

Energy retailers were also under pressure, Origin Energy and AGL Energy falling respectively 3.6% and 7% [19659006]. The regulatory authority for competition has concluded a survey of electricity retail prices and recommended to reduce prices for customers.

In New Zealand, the S & P / NZX 50 benchmark fell 0.2 percent. 1.39

Telecommunication service stocks were the largest, with Spark New Zealand Ltd slipping 1.2 percent at a low of a week.

REUTERS