Australia: Shares slip as dour GDP outlook, Sino-US rift weigh

Australian shares closed lower on Friday after the central bank downgraded its outlook for the national economy and as a US ban on transactions with China's ByteDance and Tencent heightened tensions between the world's leading economies.[SYDNEY] Australian shares closed lower on Friday after the central bank downgraded its outlook for the national economy and as a US ban on transactions with China's ByteDance and Tencent heightened tensions between the world's leading economies.

The executive orders, which go into effect in 45 days, come after the Trump administration said this week it was stepping up efforts to purge"untrusted" Chinese apps from US digital networks and called TikTok and WeChat"significant threats." "The ban has brought the trade tensions back to the centre of all attention ... inflaming nerves ahead of what's probably going to be a crucial week in US-China relations," said Kyle Rodda, market analyst with IG Australia.The S&P/ASX 200 index was down 0.6 per cent at 6,004.8 by the end of trade. The index gained 1.3 per cent for the week, but still hovered around the 6,000 point level.

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