Australian, New Zealand: Shares buckle under trade war strain

[BENGALURU] Australian shares tracked a global selloff on Thursday, with mining stocks leading the losses, eroding part of last week's rally as the drawn-out Sino-US trade war weighed on investor sentiment.

"The rally has well and truly run out of steam on a technical basis and on a fundamental basis," said James McGlew, Executive director of corporate stockbroking at Argonaut. Mining major Rio Tinto Ltd fell as much as 2.5 per cent, while the world's biggest miner BHP Group also dipped 1.1 per cent. Even gold stocks, typically considered a safe investment in times of turmoil, gave up earlier gains to fall as much as 0.4 per cent. Evolution Mining Ltd lost as much as 0.8 per cent.

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