Another $48 billion in value has been wiped from the All Ordinaries top 500 as equities continue to buckle under an erratic and escalating trade war.
As markets closed the S&P/ASX200 had fallen 145.9 points, or 1.94 per cent, to 7,364.1, as the broader All Ordinaries lost 154.2 points, or two per cent of its $2.6 trillion market cap, to 7,550.2 points.
More than $170 billion in value has been wiped from the top 500 stocks since US President Donald Trump announced his “Liberation Day” tariffs on April 2.
So-called “Liberation Day” tariffs took effect at 2pm AEST, punctuated by the US imposing a 104 per cent total tariff on goods from China, in response to its 34 per cent retaliatory tariff on the US.
Ten of 11 local sectors were in the red as markets closed, led by a four per cent slide in energy stocks as oil prices tanked on shrinking crude demand expectations.
The Australian dollar has been unable to reclaim the 60 US cent level and was buying 59.74 US cents at 4pm.
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