Global Markets tumble as Trump tariffs trigger worldwide panic

Miko Santos

Apr 07, 2025

Transcript

Today is April 7 , and here is your evening news briefing!

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Market Turmoil

ASX Crash: The ASX 200 dropped 4.2%, wiping nearly $110 billion from Australian shares in a single session
Global Impact: Hong Kong's Hang Seng fell 12.9%, Japan's Nikkei dropped 7.5%, and Shanghai Composite fell 8.9%
Currency Pressure: Australian dollar briefly fell below 60 US cents for the first time since the pandemic
Commodity Impact: Energy and mining stocks were hit hard with significant declines in oil and iron ore prices
Market Expectations: Four interest rate cuts now predicted for 2025, with possibility of a 50 basis point cut in May

Political Developments

Infrastructure Battle: PM Albanese committed $7 billion for Victorian infrastructure, criticizing the Opposition for "dudding" Victoria
Policy Backflip: Opposition Leader Dutton apologized for his work-from-home policy and now supports flexible workplace arrangements
Public Service Changes: Dutton amended his public service reduction plans to achieve cuts through attrition rather than forced redundancies
Election Positioning: Both parties positioning economic management capabilities as central to their election campaigns

Economic Outlook

Treasury Modeling: Shows Trump tariffs will have "manageable" impact on Australian economy, but significant impact on US and China
Global Concerns: Treasurer warns of "dark shadow" over global economy from escalating trade tensions
Market Volatility: Significant movements in equities, commodities, and currencies as investors react to uncertainty
Recession Fears: Growing concerns about potential US or global recession with implications for Australian economy

Cyber Security Issue

Super Fund Breach: Superannuation funds facing pressure after major cyber breach compromised member data
Regulatory Response: APRA has requested rectification plans from affected funds
Government Action: National Office of Cybersecurity coordinating whole-of-government response
Consumer Advice: Australians urged to check accounts and remain vigilant for potential fraud

These developments will continue to impact Australia's economic outlook, political landscape, and financial markets in the coming weeks. Stay tuned for further updates as these situations evolve.

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