Market Wrap / Trump's tariff tidalwave

Trump’s tariffs sent global markets into a tailspin Monday.The Australian dollar skidded to a near five year low of US60.91c during the day's trade while the S&P/ASX200 closed lower by 1.79% to 8,379.40.

All sectors of the ASX clearly reacted negatively, with the consumer discretionary sector lower by 2.06%, materials slumping 1.94%, healthcare down 2.26% and financials down 1.89%.Shares in Fisher and Paykel fell 7.42% as the company flagged cost-increases. It currently manufactures around 45% of its volume in Mexico and approximately 55% in New Zealand. 

Market heavyweights BHP, Rio Tinto and Fortescue, which ship the bulk of their iron ore shipments to China, fell around 2% each. Gold miners fared better amid safehaven demand, however West Gold Resources fell 12.40% on a revised guidance. Gold miner St Barbara also declined by as much as 4%, while uranium miner Paladin Energy plunged 6%. Both firms have operations in Canada.

Cettire shares fell 18.97%. The retailer announced around 7.5% of its gross US sales are related to items manufactured in jurisdictions impacted by the new tariffs and it is continuing to assess changes to tariffs on its imports. 

Tonight, the US will remain in focus with construction and manufacturing data being released.