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Budget News

  • Australia Stocks falls on trade war fears
  • May 23,2019  13:17
  • Headline equities of the Australian market declined for the first time in seven straight sessions on Thursday, 23 May 2019, as uncertainty over the ongoing trade conflict weighed on the market. Most of ASX sectors heavyweights declined, with financials and materials and resources being notable losers. At closing bell, the benchmark S&P/ASX200 index fell 0.3% or 18.90 points to 6,491.80 points.

    Australian shares were seen pressured by falls in the US market as US-China trade and tech disputes continued to intensify. The U.S.-China trade spat is showing no signs of ending, with media also reporting that Washington was considering blocking video surveillance giant Hangzhou Hikvision Digital Technology Co. and several other Chinese firms from buying U.S. technology, which sparked fresh worries that the trade conflict was spiralling into a technology cold war.

    Financials tumbled, with all the Big Four lenders trading in negative territory. Westpac Banking Corp fell 2.3%, while Australia and New Zealand Banking Group lost 1.6%. Top lender Commonwealth Bank of Australia fell 1.1%.

    Energy stocks were down as the outlook on demand weakened. Santos shed 2% while sector heavyweight Woodside Petroleum lost 1.1%.

    Shares of property and housing-related companies continued to benefit after Australia's prudential regulator proposed easing of certain lending criteria for home loans earlier this week. Construction materials supplier Adelaide Brighton rose 6.3% while CSR added 5.7%. Boral gained 1.2%.

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