Market mayhem continued during Wednesday's trade, as President Trump's reciprocal tariffs on dozens of countries, including a massive 104% duty on Chinese goods, cam into effect.
The katseye tour tickets S&P/ASX 200 fell 1.8% to 7375 points by the close, taking the losses over the past 5 sessions to 7.1%.
The healthcare sector slid 3.6% as Trump indicated tariffs will be extended to pharmaceutical products, despite an exemption previously flagged. CSL, which is heavily involved on the US market, lost 5% during the day’s trade.
Nickel Industries plunged to a five-year low, down 14.1%, as base metals prices fell. Maket heavyweight BHP shed 3.4% while Rio Tinto fell 5%. dow jones stock markets Analysts at Jefferies hinted that BHP's strategic focus on copper could push the mining giant to reconsider a bid for Anglo American.
A slump in energy prices saw Santos fall 5.7% while Woodside was lower by 3.7%.
Bucking the trend, small-cap player Calix gained 7.5% as its water treatment spurs vs timberwolves products are confirmed to be exempt from US tariffs.
The financial sector fell 0.8% despite a 0.5% gain from index leader CBA.
And amidst fear of subdued growth and recession, both the RBNZ and Central Bank of India both cut their cash rates.
Futures markets indicate a steep fall when US markets open later tonight.
Tomorrow, Reserve Bank Governor Michele Bullock delivers a speech. Markets are heavily pricing at least a 25bps cut at the RBA's next meeting in May.
