At lunch on Thursday the S&P/ASX 200 index is on course to record another disappointing decline. At the time of writing the benchmark index is down 2.2% to 6,492.1 points.
Here's what has been happening on the market today:
Market selloff.
The S&P/ASX 200 index and global share markets have been sold off after the WTO gave the Trump administration the right to put tariffs on US$7.5 billion of European goods. The U.S. had lodged complaints over subsidies for aircraft maker Airbus by several European governments. Combined with weak U.S. economic data this week, investors appear concerned with the global economic growth outlook.
Bank shares drop lower.
One of the biggest drags on the market today has been the banking sector. All the big four banks have tumbled notably lower, with Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd (ASX: NAB) leading the way with declines of over 3%.
Gold miners rise.
With the Australian share market having a mini meltdown, demand for safe haven assets has increased today. This has led to the shares of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) charging notably higher on Thursday. So much so, at the time of writing the S&P/ASX All Ords Gold index is up a sizeable 3.5%.
Best and worst performers.
The best performer on the benchmark index at lunch is the Northern Star share price with a gain of 5.5%. The next best performing non-gold miner is Jumbo Interactive Ltd (ASX: JIN) with a gain of 1.5%. Going the other way is the Nearmap Ltd (ASX: NEA) share price with a disappointing 5% decline. Given the significant premium its shares trade at, I'm not overly surprised that its shares have been caught up in this selloff.
