The sharemarket suffered its steepest decline in eight months on Friday, triggered by the US administration’s sweeping and punitive tariffs that heightened fears of a global recession. Investors wiped $56.6 billion from the ASX 200, mirroring a global sell-off. The S&P/ASX 200 Index plunged 2.4 per cent, or 191.9 points, to close at 7667.8.

Since reaching a peak of 8550 points on 30 January this year, the ASX 200 has since shed 883 points - almost 9%., taking us back to early August levels. But putting things into perspective, the ASX 200 is still 42% higher than it was 5 years ago, which translates to an average annual return of 8.4% plus dividends.

US Futures are currently looking slightly down.

More to come.

Rick Maggi, Financial Advisor Perth, Westmount Financial