CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Australia and NZ shares slide as US-China trade tension rises

Australian shares fell to one-month lows on Tuesday in response to rising US-China trade tensions

Investors abandoned equities for safe-haven assets, amid worries of US-China trade war escalation. It comes after China announced tariffs on $60 billion of US goods in retaliation, despite Trump warning China not to retaliate to his tariff hike.

The S&P/ASX 200 index was down 77.40 points or 1.2%, at time of writing, while the benchmark fell 0.2% on Monday.

Financial stocks plunged as much as 2.4% to a one-month low, while Australia’s fourth largest lender, National Australia Bank slipped as much as 5.3%. NAB shares traded ex-dividend.

Australia’s "Big Four" banks also fell more than 1%, with Commonwealth Bank of Australia shares losing as much as 2%.

IOOF Holdings Ltd and Magellan Financial Group were down as much as 5.1% and 4%, respectively.

Mining sector

Mining behemoth BHP Group fell as much as 2.1% to hit a 3-month low and Rio Tinto shed 1.7%.

Newcrest Mining, Australia's biggest gold producer, rose 3.8%, while Northern Star Resources advanced 6.2%. St Barbara and Saracen Mineral Holdings also surged.

Gold stocks saw their best intraday percentage gain since October. The gold sub-index surged to its biggest intraday percentage gain in over seven months, as investors scurried to the safe haven metal.

New Zealand

New Zealand's benchmark S&P/NZX 50 index fell 1% or 104.42 points to 10,025.67.

Infratil Ltd lead the falls, dropping as much as 6.1% after it announced the NZ$3.4 billion ($2.24 billion) acquisition of Vodafone New Zealand.


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