The Australian share market experienced its largest one-day fall in nearly five years, with the S&P/ASX 200 index plummeting over 4% to 7,343 points, resulting in a loss of $100bn in value from local stocks.
Investors are spooked by fears of a full-blown trade war and global recession, triggered by the US president’s tariff plan, which has led to a significant decline in the market, with few places to hide, including banking, mining, and energy stocks.