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ASX200 logs worst session since March 2020

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Benchmark ends at 14-month low

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Banks, miners lead the rout

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Big Four banks lose $17 bln in value

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NZ benchmark ends at July 2024-low

(Updates to close)

By Sameer Manekar

April 7 (Reuters) - Australian shares plunged on Monday,

in their worst session since the pandemic began as sweeping U.S.

tariffs under President Donald Trump fuelled recession fears and

wiped out billions from stock market value.

The S&P/ASX 200 index finished 4.2% lower at

7,343.30 points, after plummeting as much as 6.5% in early

trading hours.

Miners, heavily exposed to Chinese commodity demand,

slumped to a near three-year low, with BHP, Rio Tinto

, and Fortescue dropping between 3% and 6%.

Banks hit eight-month lows on Monday, with the Big

Four - trading at steep premiums - shedding over $18 billion in

market value. Top lender Commonwealth Bank of Australia ( CBAUF )

lost 6% in its worst session in more than three years.

Around $69 billion in value was wiped off the benchmark on

the day, as per Reuters calculation based on LSEG data. It is

down nearly 15% since the mid-February all-time high.

Global markets extended their slide into the new week, as

the White House showed no sign of retreating from unexpectedly

harsh tariff plans unveiled last Wednesday, triggering a

broad-based asset selloff.

Australian Treasurer Jim Chalmers said the resource-rich

country would manage the direct impact of U.S. tariffs, but

growth would take a hit as the U.S. and Chinese economies slow.

China is Australia's biggest trading partner.

"Uncertainty is high as markets recalibrate for the economic

impact of the tariffs," said Kerry Craig, Global Market

Strategist at J.P. Morgan Asset Management.

Energy stocks plumbed 7% to their lowest since early

November 2020. Heavyweights Woodside Energy ( WDS ) and Santos

dropped around 6% and 10%, respectively.

Tech stocks fell 2.3%, while discretionary consumer

stocks lost 4.8%. Healthcare sector also lost

more than 4%.

New Zealand's benchmark shed 3.7% to finish at

11,775.88 points, its lowest since early July last year.

($1 = 1.6603 Australian dollars)