What happened overnight and what's ahead for the ASX. : The Australian market is set to retreat at the open after Donald Trump shook up Wall Street with his latest trade move. 1. Wall Street shaken by trade fears, but not broken: Through three active trading sessions this week in the US, we have had three dramatic changes in direction. The recovery effort mounted by the benchmark US indices Wednesday was promptly undercut this past session as the term ‘trade wars’ once again returned to the financial headlines.