The Australian share market sank to a seven-month low on Wednesday, entering correction territory after United States President Donald Trump confirmed that Australia would not receive an exemption from new steel and aluminium tariffs.
The S&P/ASX 200 Index dropped 103.9 points or 1.3% to 7,786.2 at the close with 10 out of the 11 sectors in the red.
The consumer discretionary sector was hit hardest, falling 2.4%. Retail conglomerate Wesfarmers lost 2.6%, Tabcorp dropped 3.9%, and Domino’s declined by 2.4%.
The financial sector also saw significant losses, with Commonwealth Bank and Macquarie each down 1.4%, while National Australia Bank, Westpac, and ANZ fell between 2% and 2.1% each.
Travel stocks suffered after major U.S. airlines cut their financial forecasts earlier in the week. Flight Centre declined 3.4%, Webjet lost 4.2%, while Qantas managed to hold steady, rising 0.3%.
On the bond markets, 10-year and 2-year yields fell 0.4% and 0.9% respectively, to 4.442% and 3.769%.
