ASX slips on US-China trade pessimism and Trump's 'impulsive nature'

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The Australian share market has fallen, for its third straight day, after global markets sank into a sea of red.

Market snapshot at 7:40am (AEST):ASX SPI futures -0.3pc at 6,617, ASX 200 (Thursday’s close) -0.4pc at 6,663AUD: 68.93 US cents, 53.25 British pence, 61.82 euro cents, 74.46 Japanese yen, $NZ1.07US: Dow Jones -0.5pc at 27,046, S&P 500 -0.3pc at 3,038, Nasdaq -0.1pc at 8,292Europe: FTSE 100 -1.1pc at 7,248, DAX -0.3pc at 12,867, CAC -0.6pc at 5,730, Euro Stoxx 50 -0.1pc at 3,617Commodities: Brent crude -0.7pc at $US60.21/barrel, spot gold +1.1pc at $US1,512.29/ounce, iron ore -1.3pc to $US85.97/tonne

By 10:40am (AEDT), the ASX 200 index dropped 0.3 per cent to 6,643 points.

Meanwhile, the Australian dollar slipped to 68.9 US cents, but is still near a three-month high.

Wall Street’s benchmark index, the S&P 500, fell from its record high — down 0.3 per cent to 3,038 points.

The industrial-skewed Dow Jones index lost 0.5 per cent (or 140 points), and the tech-heavy Nasdaq slipped by 0.1 per cent.

Trade pessimism returns

The market’s enthusiasm over the US Federal Reserve’s interest rate cut on Wednesday (local time) proved to be short-lived.

All it took was one negative headline to spook investors.

External Link: Tweet: Trump on US-China trade deal signing

Chinese officials have raised doubts about whether a long-term trade deal can be reached with the United States, according to a Bloomberg report.

These unnamed officials were concerned about US President Donald Trump’s “impulsive nature” and the risk of him reneging on any deal.

However, Mr Trump later tweeted that

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