Australian shares have tumbled for their second consecutive day after US President Donald Trump said he was in no hurry to sign a trade deal with China by the end of next week.
The Australian dollar slipped to 68.2 US cents by 4:55pm (AEDT) — after the latest figures revealed the nation’s economy grew by a weaker-than-expected pace (+0.4pc) in the September quarter.
Market snapshot at 8:15am (AEDT):ASX SPI futures -0.9pc at 6,639, ASX 200 (Tuesday’s close) -2.2pc at 6,712AUD: 68.43 US cents, 52.65 British pence, 61.75 euro cents, 74.34 Japanese yen, $NZ1.05US: Dow Jones -1pc at 27,503, S&P 500 -0.7pc at 3,093, Nasdaq -0.6pc at 8,521Europe: FTSE 100 -1.8pc at 7,159, DAX +0.2pc at 12,989, CAC -1pc at 5,727, Euro Stoxx 50 -0.4pc at 3,612Commodities: Brent crude +0.1pc at $US61/barrel, spot gold +1pc at $US1,476.91/ounce, iron ore -0.6pc at $US85.79/tonne
The ASX 200 index closed 1.6 per cent lower at 6,607 points on Wednesday.
It was the worst performer in the Asia-Pacific, compared to Japan’s Nikkei (-1pc), the Shanghai Composite (-0.4pc) and Hong Kong’s Hang Seng index (-1pc).
Every sector posted heavy losses with industrials (-2.1pc) and consumer staples (-2.2pc) among the hardest hit.
The weakest stocks include shipbuilder Austal (-5.1pc), buy now pay later company Afterpay (-4.6pc) and software maker WiseTech Global (-4.1pc).
Only 24 stocks in the benchmark index are trading higher, many of which are gold miners like Gold Road Resources (+7.8pc) and Resolute Mining (+1.3pc).
Outdoor advertising firm Ooh!Media resisted the sell-off with its share price skyrocketing by as much as 38.2 per cent in early trade — before settling with a 23.9 per cent gain.
This was after the company upgraded its full-year profit expectations by 6 per cent to a range between $138 million and $143