Australian Shares Fall on US-China Trade Tensions

On Friday, the S&P/ASX 200 Index decreased by 0.82%, closing at 7,647, as it pared back gains from the day before following Wall Street’s continued selloff overnight. The decline followed the White House’s announcement that cumulative U.S. tariffs on Chinese goods had increased to 145%, intensifying trade tensions between the United States and China, the two largest economies in the world. While a 90-day exemption was granted to most countries, investors remain wary of the broader implications of U.S. trade policies on global economic growth. The financial sector recorded significant losses, with Macquarie Group falling by 1.3%, ANZ Group by 1.9%, NAB by 1.8%, and Westpac by 2.1%. Resource stocks also suffered as commodity prices declined, with BHP Group down by 2.2%, Woodside Energy by 2.4%, and Santos by 1.1%. In contrast, gold mining companies thrived, driven by gold prices reaching new record highs. Northern Star Resources and Evolution Mining saw substantial gains, with increases of 4.9% and 7.1%, respectively.

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