Market Close 29 May 19: Local shares retreat as prospects for a trade deal fade

Selling was widespread on Wednesday, following a slump on Wall Street overnight. The prospects of a resolution to the ongoing trade war between the US and China weakened overnight, after US President Donald Trump said he’s “not yet ready” to make a trade deal with China. That led to a sell-off in US stocks, which is impacted markets across Asia today. The ASX 200 closed down 44 points or 0.7% to 6,440, giving up yesterday’s gains.

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