Market Wrap / tariff tremors

Investors seemed to be anticipating a negative fallout from a reassessment of the US tariffs policy later this week; with the local market starting the week on the backfoot.The S&P/ASX 200 fell 1.7% to 7843.40 points during Monday's trade.

Iron ore prices fell ahead of expected global trade disruptions, prompting the local mining sector to lead the broad losses seen on the ASX today. BHP dropped 3.8%.  Even the gold players suffered losses despite the precious metal reaching a new high of around US$3108.

The IT sector reacted negatively to the previous Wall Street session, but WiseTech advanced 1.5% as it appointed two new non-executive directors including a former chairman.

Qantas also renewed its board with Dion Weisler appointed as an independent non-executive director, as Todd Sampson headed for the exit. Shares fell 3.6%.

Auckland Airport’s share price rose 1.1% on the news it will discount passenger charges following the New Zealand's Commerce Commission's report into price setting. 

And Orora was lonely at the top this Monday; gaining 4.4% following a Friday sell-off on a competition practice investigation. The stock rebounded as Orora affirmed it is confident its business practices were appropriate.

Tomorrow, the market will react to retail and housing data, before the RBA hands down its rate decision later in the day.