Australian Stocks Plunge to Eight-Week Low Amid Global Tariff Fears and Weak Sector Performance on March 1st, 2025

On March 1st, 2025, the Australian stock market experienced a significant downturn, hitting an eight-week low. The S&P/ASX200 index fell by 0.83% to 8,199.3, while the All Ordinaries dropped 0.87% to 8,429.9, mirroring negative cues from Wall Street, where the S&P500 declined by 1.6% and the Nasdaq by 2.8%. The downturn was triggered by renewed tariff concerns after Donald Trump reaffirmed the U.S. would impose tariffs on Mexico and Canada starting March 4th and additional tariffs on China. Sector performance was broadly weak, with technology, consumer staples, and mining leading the decline. BHP fell by 3.1%, Fortescue by 4.0%, and Rio Tinto by 3.0%. Star Entertainment Group plummeted 19.2% due to insolvency concerns. Endeavour Group also fell 7.0% after reporting a 15.1% drop in half-year profit. The Australian dollar weakened to $0.622. Total credit in Australia rose 0.5% monthly and 6.5% annually in January, according to the Reserve Bank of Australia.