Australian shares hit eight-week low as slide | Australian Markets

The native share market’s slide has intensified, with the bourse falling to its lowest degree in eight weeks after Donald Trump affirmed that tariffs are coming.

The benchmark S&P/ASX200 index had dropped 68.9 factors, or 0.83 per cent, to eight,199.3, whereas the broader All Ordinaries had fallen 74 factors, or 0.87 per cent, to eight,429.9.

The ASX200 had earlier been as low as 8,186, its lowest intraday degree since January 2.

“This is a wake-up moment for ASX investors, especially those focused on the future,” Moomoo analyst Jessica Amir mentioned.

The drop got here after Mr Trump reaffirmed the US would impose 25 per cent tariffs on Mexico and Canada on March 4, as a result of of the influence of illicit medication coming throughout the border.

“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” Mr Trump wrote in a social media post, including that China could be charged an extra 10 per cent tariff on the identical date.

On Wall Road, the S&P500 dropped 1.6 per cent and the Nasdaq fell 2.8 per cent – with each indices now within the crimson for the yr.

Cryptocurrencies had been additionally plunging, with Bitcoin falling 5 per cent to beneath $US80,000 ($A128,000), its lowest degree since Mr Trump was elected in early November.

The ASX200 is not removed from giving up all its positive aspects for 2025, both.

At noon each sector was within the crimson, with technology, client staples and supplies/mining all down more than two per cent.

BHP had dropped 3.1 per cent, Fortescue had fallen 4.0 per cent and Rio Tinto had retreated 3.0 per cent.

Star Leisure Group had plunged 19.2 per cent to 10.5 cents after the on line casino operator mentioned it was ready to obtain within the day one or more bailout provides that might put it aside from insolvency.

It reiterated that there was materials uncertainty as to its capacity to proceed as a going concern.

The large 4 banks had been largely decrease, with NAB dropping 0.9 per cent, ANZ falling 0.5 per cent and CBA edging 0.1 per cent decrease. Westpac was the outlier, gaining 0.3 per cent.

In client staples, Woolworths had fallen 2.4 per cent, Coles had dropped 2.3 per cent and Endeavour Group had retreated 7.0 per cent because the bottle store operator reported its half-year revenue was down 15.1 per cent to $298 million.

The Australian greenback had fallen to a 24-day low in opposition to its US counterpart, shopping for 62.12 US cents, from 62.93 US cents at 5pm on Thursday.