ASX to fall as as hopes for US-China trade talks diminish

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Australian shares are expected to fall sharply in early trade as hopes for a breakthrough in US-China trade talks continue to fade.

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ASX SPI futures -1pc at 6,502, ASX 200 (Tuesday's close) +0.5pc at 6,593US: Dow Jones -0.7pc at 26,288, S&P 500 -1.6pc at 2,893, Nasdaq -1.7pc at 7,824

Europe: FTSE 100 -0.8pc at 7,143, DAX -1.1pc at 11,970, CAC -1.2pc at 5,457, Euro Stoxx 50 -1pc at 3,438 Commodities: Brent crude -0.6pc at $US58.01/barrel, spot gold +0.8pc at $US1,505.44/ounce, iron ore +1.5pc at $US94.77/tonneMeanwhile, the Australian dollar is buying 67.3 US cents.On Wall Street, the Dow Jones index dropped 190 points, or 0.7 per cent, to 26,288.It was a similar story in Europe, with London's FTSE down 0.8 per cent, and Germany's DAX losing 1.1 per cent.

If nothing eventuates from these talks, the Trump administration will increase its tariffs, from 25 to 30 per cent, on $US250 billion worth of Chinese imports on October 15.Brent crude oil has slipped 0.7 per cent to $US57.94 a barrel.

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