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S&P/ASX 200 falls 1.6% on rising US-China tensions

The ASX 200 gained 4.71% this week, making it a fifth consecutive weekly improvement, while also advancing for a second month in a row.

Alto Metals Ltd - S&P/ASX 200 falls 1.6% on rising US-China tensions
The materials sector was one of only four to see green at the end of the day

S&P/ASX 200 (INDEXASX:XJO) closed 1.6% lower at 5755.70 points today as renewed US-China tensions panicked local and overseas markets.

President Trump said on Thursday that he would hold a news conference ‘on China’ today. Even without any details, this announcement was enough to send markets tumbling.

Still, the ASX 200 gained 4.71% this week, making it a fifth consecutive weekly improvement, while also advancing for a second month in a row.

Materials gain

The financials sector led the losses as the big four gave back some of their weekly winnings.

Westpac (ASX:WBC) fell 6.36%, National Australia Bank (ASX:NAB) lost 5.22% and ANZ (ASX:ANZ) dropped 4.54%.

The materials sector was one of only four to see green at the end of the day. Andrew Forrest's Fortescue Metals (ASX:FMG) gained 2.81%.

Gold stocks are continuing their good run with Northern Star Resources (ASX:NST) gaining 7.64% and Newcrest Mining (ASX:NCM) rising 2.62%.

Proactive news headlines:

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Alto Metals Ltd (ASX:AME) has traded at two-year highs after receiving an improved takeover offer from Goldsea Australia Mining Pty Ltd that lifts the offer price per share by more than 15% to 7.5 cents from 6.5 cents. The new offer made in a second supplementary bidder's statement also exceeds the 6.6 cents made in a proposal from Habrok (Alto) Pty Limited, although a formal offer for this has yet to be received.

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