The turbulence that rocked commodity markets last week has spilled over to the ASX as traders digest another disappointing round of Chinese stimulus and the risk of a trade war under returning US president Donald Trump.

The Standing Committee of the National People’s Congress, China’s top legislative body, A 12 trillion yuan ($2.5 billion) package to help debt-laden local governments was announced on Friday – but refrained from announcing measures that would directly increase domestic demand.

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