ASX futures slide nearly 2% as tariff tensions escalate

The news: The Australian sharemarket is set to open sharply lower, tracking the downward momentum on Wall Street, as investors braced for an escalation in trade tensions between the world’s two biggest economies.

The numbers: Updated at 7.25am AEDT:

• ASX futures: down 142 points or 1.89% at 7,391 points
• Wall Street: Dow Jones down 0.84%, S&P 500 down 1.57%, Nasdaq down 2.15%
• Europe: FTSE 100 up 2.71%, CAC 40 up 2.50%, DAX up 2.48%
• Spot gold: down 0.01% to USD2,982.92 per ounce
• Oil prices: Brent down 4.08% to USD61.59/bbl, US WTI down 1.85% to USD59.58/bbl
• AUD: down 0.09% at 59.52 US cents
• Bitcoin: down 3.01% to USD76,848.17.

The context: All three major US indices started the session higher after reports that nearly 70 countries had reached out to begin negotiations with the US over the hefty tariffs. However, they reversed course after the White House said the tariffs are still expected to go into effect on the 9 April deadline, and confirmed 104% tariffs on Chinese imports. China has called the US threat to escalate tariffs a mistake and said it will "fight to the end". The S&P 500 sold off sharply, edging closer to confirmation of a bear market, while Apple and Nike shares registered fresh declines.

What to watch: Building Approvals data for February at 11.30am, Scentre Group will hold its 2025 annual general meeting.