🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Australia shares fall on Trump impeachment inquiry; NZ steady

Published 25/09/2019, 12:44 pm
© Reuters.  Australia shares fall on Trump impeachment inquiry; NZ steady
AXJO
-
MGX
-
STO
-
WDS
-
AXGD
-
AXMM
-
AXEJ
-
AXFJ
-
NZ50
-
CIA
-

* Miners fall on weak iron ore prices

* Lower oil prices dent energy stocks

* Gold rises on safe haven buying

By Nikhil Subba

Sept 25 (Reuters) - Australian shares fell on Wednesday after the U.S. House of Representatives opened an impeachment inquiry into President Donald Trump, while signs of more tensions in U.S.-China trade relations further undermined appetite for riskier assets.

The S&P/ASX 200 index .AXJO shed 0.6% or 43.2 points to 6,705.80 by 0214 GMT. The benchmark closed flat on Tuesday.

On Wall Street, the S&P 500 saw its biggest daily drop in a month overnight after House Speaker Nancy Pelosi announced the formal inquiry, which will examine whether Trump sought Ukraine's help to smear former Vice President Joe Biden, the front-runner for the 2020 Democratic presidential nomination. to market jitters, Trump delivered a stinging rebuke to China's trade practices on Tuesday at the United Nations General Assembly, leaving markets anxious after the more constructive tone adopted by both countries on the negotiations last week. equity market is probably more following the way of Wall Street, which had a sizeable fall...that has been the main drag so far today," said James Tao, market analyst at CommSec.

Miners .AXMM led losses on the Australian benchmark, dipping 1.4% to its lowest level since Sept. 13, hurt by a fall in ironore prices.

Iron ore producer Mt. Gibson Iron Ltd MGX.AX tumbled almost 8% to its lowest since Sept 10, while fellow miner Champion Iron Ltd CIA.AX shed almost 5%.

Nearly all components of the energy subindex .AXEJ were trading in negative territory, as prices for oil declined, sending the sector down by over 1%.

Oil and gas major Woodside Petroleum WPL.AX fell nearly 2% to a near two-week low, while Santos STO.AX declined 1.5%.

Financial stocks .AXFJ fell 0.4%, with most components, including the largest banks, trading lower.

Bucking the trend, gold stocks .AXGD advanced over 1%, helped by firmer bullion prices as growing calls for Trump's impeachment curbed risk appetite and drove investors into safe haven buying. Zealand's benchmark S&P/NZX 50 index .NZ50 edged around 0.1% or 7.62 points higher to 10,866.33, helped by consumer and financial stocks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.