Trade setback means ASX's record only a distant memory

The S&P/ASX 200 Index is in no rush to 7000 as Tuesday's wipeout clipped 2.2 per cent off shares and once again tariffs were the trigger.

Vesna Poljak, Luke Housego and Sarah Turner

Dec 3, 2019 – 6.09pm

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The outbreak of a new trade battle waged by the United States against bulk commodity exporters Brazil and Argentina, and China rebuking Washington for its support of Hong Kong, forced Australian shares to snap the momentum that pushed the market to reclaim its record high last week.

The S&P/ASX 200 Index closed 150 points or 2.2 per cent lower to 6712 , dashing hopes of a Santa rally and putting more distance between shares and the historic 7000-point level. The market closed at an all-time high of 6864 on Thursday.

Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom.

Luke Housego is a journalist for The Australian Financial Review based in the Brisbane office.

Sarah Turner is the editor of the AFR Weekend Perspective section based in our Sydney newsroom.