Australian share market loses more than $33million in MINUTES amid new tensions between the US and China
- Australian Securities Exchange lost more than $33billion in opening minutes
- The benchmark ASX200 was 1.5 per cent weaker just 15 minutes into trade day
- Australian shares weaken after US retaliated against China over new tariffs
The Australian share market has lost more than $33billion within minutes of opening as the US-China trade war escalated.
The benchmark ASX200 index was 1.5 per cent weaker just 15 minutes after the market opened.
Australian shares across every sector, apart from gold, reacted negatively to US President Donald Trump calling on American companies to boycott China.
‘The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP,’ he tweeted on Friday.
‘Our great American companies are hereby ordered to immediately start looking for an alternative to China.
The Australian market followed Wall Street into negative territory, with the S&P 500 shedding 2.6 percent as the Dow Jones industrial average plunged 2.4 percent.