Asia stocks kicked off the new week starting with mixed tone on Monday, 11 June 2018, as trade tensions soar to new highs following the soured G7 summit as US President Trump abandoned the two-day summit a day early, fleeing to Singapore and Tweeting about Canadian Prime Minister Justin Trudeau before setting his sights on German Chancellor Angela Merkel, and pulling US support for the G7 final communique, further widening the gap between the US and her closest allies.
German Chancellor Angela Merkel found the contentious Group of Seven summit with U.S. President Donald Trump a sobering and depressing experience but says European leaders won't be taken advantage of on trade. Merkel, French President Emmanuel Macron and the other leaders clashed with Trump over steel and aluminum tariffs as well as his decision to abandon a deal with Iran to limit its nuclear program. The group managed a common statement in which they agreed to disagree on some issues, only to have Trump disavow the document in a tweet after leaving the meeting.
The Australian share market lost ground on last Friday, 08 June 2018 as investors hold fire ahead of the imminent G7 meeting in Canada. The benchmark S&P/ASX200 index closed down 12.1 points, or 0.2 per cent at 6,045.2, while the broader All Ordinaries index was 12.6 points, or 0.2 per cent weaker, at 6,156.8 points.
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