ASX 200 see-saws on open after S&P 500 breaks longest winning streak in 20 years following mixed messages on tariffs
The ASX 200 has zig-zagged in the early moments on trading on Tuesday after a slump on Wall Street where the S&P 500 broke its longest winning streak in two decades.
The Australian stock market’s largest tech company WiseTech sank more than five per cent before recovering some of the loss after flagging possible headwinds from global economic uncertainty and the trade war.
Further uncertainty over Donald Trump’s trade war with China fuelled a drop in the US as the US President told reporters he had no intention to speak to Chinese President Xi Jinping.
He also mentioned the US “could very well” announce some trade deals this week, but tempered expectations of a downturn in trade hostility by stressing the tariff deals would come on his terms.
“We’re negotiating with many countries but at the end of this I’ll set my own deals because I set the deal, they don’t set the deal, I set the deal,” he told reporters Sunday.
“This is not like a big deal that’s gonna be signed — in some cases we’ll sign them, but we don’t have to sign them. I’ll be setting the deal, I’ll be setting the tariff.”
Wall Street slumped on Monday (US Time) with the S&P 500 breaking its nine-day long winning streak, its longest since 2004, which saw the index gain more than 10 per cent.
It fell 0.6 per cent while the Nasdaq sank 0.7 per cent and the Dow Jones dropped 0.2 per cent.
The NZX 50 Index is relatively flat since opening on Tuesday.
London’s FTSE 100 rose 1.2 per cent, the EURO STOXX 50 finished flat and Germany’s DAX rose 1.1 per cent on Monday.