ASX 200 dives after Donald Trump locks in 50 per cent tariffs on copper, Jerome Powell says near-term rate cuts unlikely
The index is down half a per cent in the first 40 minutes of trading.
Oil and gas miner Beach Energy slid 9.9 per cent after it downgraded its profit guidance while Mineral Resources is down 7.9 per cent, Pilbara Minerals dropped 5.5 per cent and Champion Iron has fallen 5.4 per cent.
Flight Centre dived 7.2 per cent after it also downgraded its profit guidance as Aussies veer away from travelling across or to the Middle East and a slump in US bookings.
Luxury online retailer Cettire sank almost 15 per cent after the US President said he would hit all low-value imports with tariffs.
Investors were also set back after US Federal Reserve chair Jerome Powell, who has faced intense pressure from Donald Trump to cut rates in the US, told reporters the central bank was in no rush to deliver further cuts due to looming price pressures after holding the cash rate for the fifth consecutive time.
'It is also possible that the inflationary effects could instead be more persistent and that is a risk to be assessed and managed,' Mr Powell said.
It comes as Trump confirmed a 50 per cent tariff will be slapped on all semi-finished copper products from August 1.
Wall Street was mixed on Wednesday with the Dow Jones sliding 0.4 per cent, the S&P 500 falling 0.1 per cent and the Nasdaq rising 0.2 per cent.
London's FTSE 250 sank 0.1 per cent, the STOXX Europe 600 finished flat and Germany's DAX rose 0.2 per cent on Wednesday.
Since trading began on Thursday, New Zealand's NZX 50 is down about 0.1 per cent and Japan's Nikkei 225 has jumped 0.4 per cent.
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