Australian Shares Fall on US-China Trade Tensions
On Friday, Australian stocks experienced a significant decline as escalating global trade concerns unsettled investors. The S&P/ASX 200 Index decreased by 2.2% to approximately 7,540, reversing much of the previous day's gains after Wall Street continued its downtrend overnight. This downturn was triggered by confirmation from the White House that cumulative U.S. tariffs on Chinese goods have surged to 145%, exacerbating the trade tensions between the world's two largest economies. Investors are increasingly cautious about the wider ramifications of these U.S. tariffs on global economic growth. Financial stocks bore the brunt of the decline, with major losses recorded by the Commonwealth Bank (-3.4%), Macquarie Group (-4.7%), ANZ Group (-3.4%), NAB (-3.7%), and Westpac (-3.6%). Resource stocks also suffered due to falling commodity prices, with notable declines in BHP Group (-2.6%), Fortescue Metals (-2.2%), and Woodside Energy (-4%).
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