BREAKING NEWS Australia braces for $115billion bloodbath as US tariffs raise fears of global recession

The Australian share market is bracing for a $115billion plunge on Monday as Donald Trumps tariffs stir fears of a global recession.

Wall Street often sets the tone for the Australian Securities Exchange, with the benchmark S&P500 in New York plummeting by six per cent during Friday trade.

The futures market in Australia is expecting the key S&P/ASX200 to fall by more than 5.11 per cent or 398 points to 7,387.5 during Monday trade.

Should that prediction materialise, more than $115billion would be wiped from Australian share market investments.

In another bad sign, the Australian dollar has also slipped below 60 US cents for the first time since the Covid pandemic. 

Moomoo chief commercial officer and market strategist Michael McCarthy said global recession fears were likely to particularly hit tech and mining stocks on Monday. 

The Australian share market is bracing for a $115billion plunge on Monday as Donald Trump s tariffs stir fears of a global recession