Market wrap: ASX200 tumbles on new Trump tariff | Australian Markets

The Australian sharemarket plunged into a sea of crimson on Friday because the prospect of further tariffs on China threw the massive miners into a tailspin and a sharp sell-off on Wall St washed over the native bourse.

The benchmark ASX200 slumped 95.8 factors, or 1.16 per cent, to close at 8172.4 factors, whereas the broader All Ordinaries fell 102.2 factors, or 1.2 per cent, to complete at 8403.9.

The All Know-how Index retreated 1.86 per cent to 3708.3.

The decline was broadbased, with 10 of 11 industry sectors ending within the crimson, led by IT with a sharp 2.86 per cent fall and supplies with a 2.47 per cent retreat.

US President Donald Trump’s announcement of an further 10 per cent tariff on Chinese language items propelled the sell-off, with the mining giants all tumbling on the prospect of lowered demand for uncooked commodities within the Center Kingdom.

Singapore iron ore futures traded down 1.57 per cent throughout the day to $102.7 a tonne.

BHP misplaced 2.45 per cent to $39.04 a share, whereas Rio Tinto fell 2.85 per cent to $113.37 and Fortescue declined 3.73 per cent to $16.51.

Mineral Sources plunged 6.04 per cent to $22.71.

The coal miners additionally fell, with Whitehaven Coal slipping 0.53 per cent to $5.63 and Stanmore Sources sliding 4.17 per cent to $2.30.

Tech darling Xero fell 3.29 per cent to $170.73, WiseTech World declined misplaced 4.78 per cent to $89.50 and TechnologyOne shed 3.38 per cent to $29.47.

The rout adopted a massacre on Wall St in a single day on Thursday, led by a 8.5 per cent fall in chip behemoth Nvidia, which pulled the tech-heavy Nasdaq index down 2.78 per cent.

The Dow Jones misplaced 193 factors, or 0.45 per cent, to complete at 43,239, whereas the S and P 500 retreated 1.59 per cent to 5861.57.

US jobs knowledge additionally heightened issues about a attainable slowdown within the world’s largest financial system, IG markets analyst Tony Sycamore stated.

“With headlines surrounding tariffs, inflation, geopolitical issues, DOGE’s aggressive job cuts, a slowing economy, and waning investor interest in AI and tech stocks, it’s uncertain what might alleviate the current malaise in key US stock indices,” Mr Sycamore stated on Friday.

“Jobs data last night showed initial jobless claims rose by 22,000 to 242,000 last week, the highest in two months, heightening fears of an economic slowdown.

“Initial jobless claims numbers exclude Federal Government employees dismissed by DOGE, whose claims are handled through a separate program.”

Friday’s fall pushed the native bourse to e-book 4.2 per cent loss for the month of February.

In company news, the saga of Star Leisure entered a contemporary zone of uncertainty.

The company is teetering on the verge of collapse, with the gaming giant failing to lodge its half-year accounts and notifying the market it was trying to find “possible liquidity solutions” that may keep it trading.

Inventory within the company collapsed 15.4 per cent to 11c for a market capitalisation of simply $315.5m, making it the worst performer of the day.

Retail giant Harvey Norman lifted 2.55 per cent to $5.22 after delivering $4.8bn in gross sales and $279.4m in internet income after tax for H12025.

The Aussie greenback misplaced 0.35 per cent to buy US62.1c on the closing bell.

The highest gainer on the ASX200 was Pexa Group, which leapt 8.1 per cent to $12.31 after asserting an on-market share buyback of up to $50m.