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Myer Leads ASX Share Slump, Retail Down

A week after hitting a new record high, the ASX has come tumbling down to its lowest level in 18 months, with Myer shedding 7 per cent.

The local exchange benchmark fell by as much 3 per cent this morning.

Department retailer Myer led the charge, falling 7 per cent this morning to go back below 50 cents for the first time since March.

Other retailers also fell in early trade including Harvey Norman (4 per cent), JB Hi-Fi (1.6 per cent), Wesfarmers (2.3 per cent), Woolworths (2.3 per cent), and Coles (1.88 per cent).

The consumer discretionary and consumer staples sectors were both down 2.7 per cent.

The losses come in the wake of a fresh salvo in the US-China trade dispute, with US President Donald Trump accusing China of currency manipulation.

China devalued its yuan currency to its lowest level since 2008 in response to President Trump announcing new 10 per cent tariffs on the remaining $300bn in Chinese imports into the country, with one US dollar now buying more than seven Chinese yuan.

The tariffs are due to start from September 1.

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