Market dips after Wall St goes lower on trade concerns; low income households 'still doing it tough': Wesfarmers; IAG gets green light for RACQ buy

Shares extend falls after Wall Street's heavy losses on trade concerns. Wesfarmers well-placed to navigate uncertain economy: CEO. ACCC approves IAG's RACQ acquisition. Bitcoin hits new high.

Wall Street declined overnight after major retailers warned on the impact of Donald Trump's trade war.

Welcome to the Trading Day blog for Thursday, May 22. The ASX 200 is 0.4 per cent lower to 8350.60 points at 12.10pm AEST after heavy losses on Wall Street.

Cryptocurrency market leader bitcoin is higher, trading above $US109,000 after earlier hitting a new record high.

The Aussie dollar is around US64.28c.

Originally published as Market dips after Wall St goes lower on trade concerns; low income households 'still doing it tough': Wesfarmers; IAG gets green light for RACQ buy