Australian shares slide on Trump tariff woes
The S&P/ASX 200 index fell 0.9%, or 77.2 points, to 8,665.6 by 0103 GMT, but was on track for a weekly gain of nearly 1%.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, bringing the total loss this week to 1.5%.
U.S. President Donald Trump unveiled a slew of new tariffs on a host of foreign nations ranging from 10% to 41% on U.S. exports.
Australian Trade Minister Don Farrell said the White House had confirmed no country has lower reciprocal tariffs than Australia, indicating that Trump has maintained the 10% baseline tariffs on Australian exports, leaving them unchanged.
Australia is one of the few nations with which the United States consistently runs a trade surplus — a key talking point frequently emphasised by Australian officials during trade negotiations with their U.S. counterparts.
On the Sydney bourse, financials fell about 1.3%.
The country's 'big four' lenders slipped between 0.5% and 1.5%.
Technology stocks fell 1.3%, tracking a decline in Wall Street as investors assessed a fresh round of corporate earnings and economic data.
Energy stocks declined 0.9%, falling for a third consecutive session as oil prices struggled for momentum.
The sub-index hit its lowest level since July 22 and was on track for its worst week since late June.
Among individual stocks, casino operator Star Entertainment fell as much as 9.1% to its lowest level since May 5, as its plan to sell its 50% stake in the A$3.6 billion ($2.32billion) Brisbane resort failed.
New Zealand's benchmark S&P/NZX 50 index fell 0.6% to 12,750.81, its lowest since July 23, after U.S. tariffs on the country were raised to 15% from the 10% baseline announced in April.
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