Market Wrap / ASX zig zags

A dwindling US dollar and weakness on Wall Street led to expectations of a lower market open, however the S&P/ASX 200 ended fairly flat as investors digested different company news, along with building approval and household spending data. The index closed down just 6.40 points to 8,151.40. 

The Macquarie Investor Conference kicked off this Tuesday, with a batch of company executives addressing investors and economists. 

WiseTech notably flagged that potential demand risks from trade tariffs could pose headwinds for the company this year, sending the share price down 2.2%.

Meanwhile, Wesfarmers’ Boss Rob Scott said the US-China trade war could lead to lower prices for Aussie consumers. Shares jumped by 0.7%.

Westpac CEO Anthony Miller again reaffirmed the tough times are over for the bank, but failed to convince investors as the share price slid 2%, extending on yesterday’s post-reporting loss. 

The banks in general weighted negatively on the index, with only CBA slightly above water. 

Elsewhere; dwelling approvals slumped 8.8% in March, but this volatile figure might have foster optimism among the REITs, expecting a correction. The real-estate sector rose 0.8%.

Tonight, US trade balance numbers are expected, ahead of the FOMC meeting later this week.