Australian Shares Slide on Tariff Concerns
On Monday, the S&P/ASX 200 Index experienced a notable decline of 1.6%, descending below the 7,900 mark and reaching its lowest level in over a week. This downturn mirrored a negative trend from Wall Street, as investors anticipated the introduction of new U.S. tariffs this week. Heightened anxiety surrounding then-President Donald Trump's assertive trade policies, coupled with the possibility of retaliatory measures from key trade partners, intensified worries about a potential deceleration in global economic growth. In Australia, market participants were also keenly awaiting the Reserve Bank of Australia's impending policy announcement, widely expecting interest rates to remain unchanged at 4.1%. The mining sector bore significant losses, with major players such as BHP Group, Fortescue, and Rio Tinto declining by 2.8%, 3%, and 2.7%, respectively. Additionally, the banking sector was not spared, as shares in Commonwealth Bank, NAB, ANZ Group, and Westpac Banking recorded declines of 1%, 0.9%, 2.1%, and 1.7%, respectively.
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