Investors on the Australian sharemarket are bracing for losses on Monday morning after flaring trade tensions between the US and China sent shockwaves across markets, triggering Wall Street’s worst selloff in six months heading into the weekend.

ASX futures were pointing to a fall of 84 points, or 0.9 per cent, to 8896. The S&P 500 sank 2.7 per cent on Friday in its worst day since April after Donald Trump said he was considering “a massive increase of tariffs” on Chinese imports. The Dow Jones Industrial Average dropped 1.9 per cent amid broad losses across the market, and the Nasdaq composite fell 3.6 per cent.

The Australian dollar traded 0.8 per cent lower at US65.05¢ as of 6.40am AEDT. The ASX ended last week in the red as investors pressed pause on the gold and iron ore miners lo

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