Australian stocks fall as US tariff move sours risk appetite

Reuters
02/23
Australian stocks fall as US tariff move sours risk appetite

Feb 23 (Reuters) - Australian shares fell on Monday, dragged down by tech, real estate and energy stocks, as investors weighed the impact of U.S. President Donald Trump's 15% temporary tariff on the rest of the world.

The S&P/ASX 200 index .AXJO fell 0.4% to 9,045.7 by 0049 GMT. The benchmark rose 1.8% last week.

Trade concerns resurfaced over the weekend after the U.S. Supreme Court struck down Trump's emergency tariffs, leading him to announce a new 10% rate on the rest of the world, only to then lift it to 15%.

"While investors may attempt to digest and move beyond the announcement efficiently, the broader implications remain complex," said Chris Weston, head of research at Pepperstone.

In Sydney, shares of biotechnology giant CSL CSL.AX and winemaker Treasury Wine Estates TWE.AX slipped around 2.7% and 3.7%, respectively.

CSL and Treasury Wine Estates earn between 40% and 50% of their revenues from the U.S., according to their 2025 annual reports.

Tech stocks .AXIJ dropped over 2.5%, with Xero XRO.AX and WiseTech Global WTC.AX shedding more than 2% each.

Energy stocks .AXEJ slid 1.7%, tracking weaker oil prices as Trump's fresh tariffs raised uncertainty for world economic growth and fuel consumption. O/R

Sector giant Woodside Energy WDS.AX was down 1% ahead of its annual results on Tuesday.

Ampol ALD.AX, the country's top fuel retailer, declined nearly 3% despite reporting a better-than-expected annual profit.

Real estate stocks .AXRE dipped 1.5%, while the banking sub-index .AXFJ inched 0.3% lower.

Meanwhile, the mining index .AXMM rose about 1%, helped by a 1.4% climb in top miner BHP BHP.AX.

Gold miners .AXGD advanced 2% in their steepest intraday gain in a week on the back of bullion strength. GOL/

Evolution Mining EVN.AX and Northern Star Resources NST.AX rose about 1.2% each.

New Zealand's benchmark S&P/NZX 50 index .NZ50 gained 0.9% to 13,424.21.

(Reporting by Anjali Singh in Bengaluru; Editing by Subhranshu Sahu)

((anjali.singh2@thomsonreuters.com))

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