The Australian share market has suffered its biggest loss since December 10, with every sector deep in the red after signs that China is striking back against the US in their escalating trade war.The benchmark S&P/ASX200 index finished down 128.3 points, or 1.9 per cent, to 6,640.3 points at 1615 AEST on Monday, while the broader All Ordinaries was down 135.5 points, or 1.98 per cent, to 6,710.6 points.
The Aussie has declined 4.3 per cent in the last two-and-a-half weeks, having bought 70.75 US cents on July 18. The big banks were in the red, with Westpac down 1.2 per cent to $28.47, Commonwealth down 0.8 per cent to 81.21, ANZ down 1.7 per cent to $27.31 and NAB down 1.3 per cent to $28.15. Against the US dollar, gold was selling for $US1,456 an ounce, its highest level since early 2013, and against the Australian dollar it was at $A2,145 an ounce, its highest level ever.
Wesfarmers gained 0.8 per cent to $39.16 after the competition watchdog said it would not stand in the way of the Kmart and Target owner's $230 million acquisition of deals website operator Catch Group.