Australia’s sharemarket was hammered on Tuesday, wiping out AUD $60bn in value as the ASX 200 plunged nearly 2% in its worst trading day since the ‘Liberation Day sell-off’.
All 11 sectors finished in the red, with tech stocks down almost 6%, materials slipping 3%, and the major banks falling nearly 2%.
Heavyweights like TechnologyOne, BHP, and Commonwealth Bank all sank sharply, while analyst Tony Sycamore blamed a “perfect storm” of global factors — from looming Nvidia earnings to US jobs data and rising Japanese bond yields — for intensifying risk-off sentiment.
Market experts warned more volatility could follow as stretched valuations leave large caps vulnerable, though a few bright spots emerged, including strong gains for James Hardie and Pilbara Minerals.
Image credit: Maxim Hopman
