Key News Overnight:
Financial markets buckled after China escalated the trade war with the U.S., sending U.S stocks to the biggest drop this year and sparking a rally in global bonds. Gold surged with the yen. More than $7b wiped from the value of U.S. equities on Monday.
The S&P/ASX 200 index fell 1.9% to close at 6,640.3, after China ratcheted up trade tensions by letting the yuan drop to the weakest level in more than a decade. Beijing also asked state owned companies to suspend imports of U.S. agricultural products.
Gold prices surged to the highest in more than six years as concerns over the intensifying U.S.-China trade war boosted demand for havens. Markets were awash with risk-off sentiment Monday.
The international oil benchmark closed below $60 a barrel for the first time in almost two months as worsening U.S.-China trade relations intensified fears about the health of the global economy, prompting investors to flee risky assets.
Iron ore has gone from high-flier to sinking star in a matter of weeks. The commodity that lit up the first half with a stunning rally dropped back below $100 a ton as supplies pick up, Futures in Singapore fell as much as 8.6% to $94.32 a ton.
In This Issue:
Ausdrill (ASL) | Preferred open pit contractor at Sanbrado | BUY | Analyst | Ian Christie
Salt Lake Potash (SO4) | Completion of Placement | SPEC BUY | Analyst | Michael Eidne
Far Limited (FAR) | CNOOC acquires 55.55% interest in Guinea-Bissau block | Not covered | No rating
Macmahon (MAH) | Telfer contract dispute update | Not covered | No rating
Saracen (SAR) | Independence Group (IGO)