The ASX 200 will likely open modestly lower following mostly negative leads from overnight trading. Both Europe and Wall Street were lower on the back of growing trade tensions and increasing evidence of a slowing global economy. Bond yields were lower, while most commodities and the Aussie dollar were flat. On the domestic economic front, Westpac will publish its consumer confidence series. Trading ex-dividend are the stable of WAM companies including WAM Capital, WAM Leaders and WAM Research. We believe the ASX 200 will close modestly lower, with investors happy to lock in profits at current levels in the face of waning economic growth.