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Highlights
- ASX 200 slips over 2% in early trade.
- All 11 sectors open in negative territory.
- Major banks, miners, and healthcare stocks see heavy losses.
Australian shares faced a broad-based decline in early trading, as global investor sentiment weakened following fresh concerns over trade tensions between the United States and China. The benchmark S&P/ASX 200 index fell sharply by 169.10 points, or 2.2%, to 7,540.50 within minutes of the opening bell, reflecting the cautious mood across global markets.
All 11 sectors of the ASX 200 index opened in the red, with particularly steep losses recorded across energy, financials, healthcare, and technology. The downturn followed a similar negative trend in US stock futures overnight, triggered by an announcement from the White House that clarified the total tariff rate on Chinese imports would reach 145%, rather than the previously stated 125%. This adjustment rekindled concerns about the economic fallout from a prolonged trade conflict between the world’s two largest economies.
Financials bore the brunt of the early morning weakness, with each of the Big Four banks trading more than 3% lower. Commonwealth Bank (ASX:CBA), Westpac (ASX:WBC), National Australia Bank (ASX:NAB), and ANZ Group (ASX:ANZ) all contributed significantly to the index’s fall, reflecting the sector’s sensitivity to global uncertainty.
In the healthcare space, heavyweight CSL (ASX:CSL) dropped 3%, while Cochlear (ASX:COH) slid 2.2%, mirroring broader weakness in defensive sectors. These companies, often considered relatively stable in turbulent markets, were not immune to the widespread downturn.
Energy stocks also came under pressure, with both Woodside Energy (ASX:WDS) and Santos (ASX:STO) declining by around 3%. The sector tracked lower oil prices and heightened concerns about global demand due to rising geopolitical risks.
The materials sector followed suit, as major mining companies slipped amid weakening sentiment. BHP Group (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals Group (ASX:FMG) were down between 2% and 3%, reflecting worries over reduced Chinese industrial demand.
Technology names also struggled, with Computershare (ASX:CPU) and WiseTech Global (ASX:WTC) each falling around 3%, highlighting the sector’s vulnerability to global macroeconomic shocks.
The downbeat open in the Australian market underlines the fragility of investor confidence amid rising international trade tensions. Market watchers remain alert to further developments in US-China relations, which could continue to influence market direction in the coming sessions.
