China will not back down from US threats of further tariffs, with the trade war threatening to escalate further.

MARKET WRAP:

• ASX200: up 2.27%, 7,510
• GOLD: $3,022 US/oz
• BITCOIN: $130,534 AUD

• Cochlear told the market it would continue to maintain its duty-free status despite US tariffs, helping it to rise 1.2% to $256.36.
• Guzman y Gomez showed a gain in sales growth and across its US network, with shares up a tasty 3.7% to $31.10
• Wisetech up over 5%, Xero 4.3% higher and Life360 up almost 8%.
• Fortescue up 3.5%, Wesfarmers rising 3% and CSL gaining 1.6%.
• Domain Holdings the worst of the Top 200 sliding 5.1% to $3.91.
• While Transurban was down 0.3% and James Hardie dropped 2.5%.

CURRENCY UPDATE:

• AUD/USD: 60.6 US cents
• AUD/GBP: 47.5 pence
• AUD/EUR: 55 Euro cents
• AUD/JPY: 89 Japanese yen
• AUD/NZD: 1.08 NZ dollars