Asian stock markets are lower on Tuesday on renewed worries about global trade tensions after U.S. President Donald Trump announced plans to reinstate tariffs on metal imports from Brazil and Argentina. Weak U.S. manufacturing data also dampened sentiment.
The Australian stock market is notably lower following the negative cues from Wall Street. Investors turned cautious ahead of the Reserve Bank of Australia’s monetary policy decision due later today.
The benchmark S&P/ASX 200 Index is losing 132.30 points or 1.93 percent to 6,730.00, while the broader All Ordinaries Index is lower by 129.50 points or 1.86 percent to 6,835.80.
The major miners are notably lower. Fortescue Metals is losing 2 percent, while BHP and Rio Tinto are declining almost 2 percent each.
Among gold miners, Newcrest Mining is lower by almost 4 percent and Evolution Mining is lower by almost 2 percent.
The big four banks are also weak. Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are declining in a range of 1.1 percent to 1.4 percent.
Oil stocks are declining even as crude oil prices rose overnight. Oil Search is losing more than 2 percent, Woodside Petroleum is lower by more than 1 percent and Santos is down 0.4 percent.
Santos has raised its 2025 production outlook to 120 million barrels of oil equivalent from 100 mmboe earlier.
Caltex Australia said that an A$8.6 billion unsolicited takeover bid it received from Canadian convenience store operator Alimentation Couchce-Tard undervalues the company. The fuel importer and retailer’s shares are lower by almost 1 percent.
Metcash said it will record a A$237.4 million write-down against its major food division, just days after it disclosed that 7-Eleven would not be renewing its supply contract when it expires in August. The food and beverage wholesaler’s shares are declining more than 2 percent.