The Australian sharemarket slid into negative territory on Tuesday as US President Donald Trump’s reaffirmation of tariffs on Mexico and Canada weighed on investor sentiment.
The S&P/ASX200 lost 56.3 points or 0.7% to finish at 8,251.9, with seven of the main index’s 11 sectors trading lower.
Consumer discretionary and technology sectors led declines.
Trump’s confirmation that tariffs on Mexico and Canada will take effect next month added to global trade tensions. His administration also directed a government committee to restrict Chinese investment in critical U.S. industries such as technology and energy.
Among consumer discretionary stocks, Wesfarmers fell 3.4% after trading ex-dividend, while Domino’s Pizza plunged 10.5% after heavy restructuring costs pushed the company into a loss.
Among reporting companies, Woodside Energy rose 2.8% after posting a 115% increase in net profit after tax to US$3.57 billion.
Zip surged 13.9% as the buy-now-pay-later firm reported record 1H FY25 cash earnings, driven by strong performance in its U.S. operations.
Viva Energy also tanked 26.9% as profits fell sharply due to lower demand and slimmer refining margins.
On the bond markets, 10-year and 2-year rates declined 0.6% across the curve to 4.404% and 3.806%, respectively.
