Australian shares experienced a significant downturn, with the ASX wiping out $35 billion in value as escalating US tariffs fueled global market anxieties. Energy giants Woodside and Santos bore the brunt, plummeting over 6% amidst declining oil prices. This market volatility coincided with news of coordinated cyberattacks targeting major Australian superannuation funds, including AustralianSuper and REST, raising concerns about data security and investor confidence.
The impact of US trade policy extends beyond Australian markets, threatening to trigger lower inflation and rates. President Trump’s willingness to consider tariff cuts hinged on receiving ‘phenomenal’ offers, highlighting the high-stakes nature of these negotiations. Multiple sectors are expected to be affected; iPhones and Nikes may see price increases.
While passive investors generally outperform active managers, a notable exception lies within Australia’s rapidly expanding asset classes, offering active managers a rare opportunity for success. Separately, three key figures from Judo Bank are departing to establish a debt advisory business, led by co-founder Nav Ganegoda, who formerly managed $1 billion in funds.
