Australia’s sharemarket experienced a significant downturn, with the ASX dropping 1.4% near midday AEDT. Investor sentiment soured as concerns mounted over potentially sweeping tariffs expected to be implemented this week. The prospect of these tariffs has sparked fears of a possible global economic downturn, leading to a flight from equities.
Among the individual stock movements, Andrew Harrison has rejoined WiseTech as an independent director, a move aimed at addressing investor concerns about governance. In other news, Mayne Pharma is facing an ‘inadequate’ takeover offer, with some holders believing US bidder Cosette’s $600 million bid undervalues the company’s upside potential. Meanwhile, gold prices have hit record highs as investors seek safe-haven assets amid the market uncertainty.
