The Aussie market tumbled to a seven-month low, shedding $47 billion in a single day, with losses now totalling over $300 billion since February’s record high. The ASX 200 slipped into correction territory, down 10% from its peak, with widespread selling hitting 10 out of 11 sectors. Financials, the largest sector, saw their seventh straight day of declines, while a long list of major stocks, including CSL and Fortescue, hit 52-week lows. Trade tensions added to market uncertainty, with the US imposing fresh tariffs on Australian steel and aluminium, despite last-minute diplomatic efforts. Meanwhile, investors are closely watching US inflation data and potential interest rate moves, with hopes that bargain hunters could soon stabilise the market.

 

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