Australian shares hit eight-week low as slide continues

The local share market's slide has intensified, with the bourse falling to its lowest level in eight weeks after US President Donald Trump affirmed tariffs are coming.

The benchmark S&P/ASX200 index fell Friday by 95.8 points, or 1.16 per cent, to 8,172.4 while the broader All Ordinaries fell 102.2 points, or 1.2 per cent, to 8,403.9.

The ASX200 declined 1.5 per cent for the week following its 3.0 per cent loss last week - its worst loss in more than two years.

It dropped 4.2 per cent for February, its worst monthly drop since a 7.3 per cent slide in September 2022.

It has given up almost all of its gains for 2025, remaining in the green year-to-date by just 13.3 points, or 0.16 per cent.

"This is a wake-up moment for ASX investors, especially those focused on the future," Moomoo analyst Jessica Amir said.

The drop came after Mr Trump reaffirmed the US would impose 25 per cent tariffs on Mexico and Canada on March 4, along with 10 per cent levies on China on the same date.

On Wall Street, the S&P500 dropped 1.6 per cent and the Nasdaq fell 2.8 per cent - with both indices now in the red for the year.

Cryptocurrencies were also plunging, with Bitcoin falling five per cent to less than $US80,000 ($A128,000), its lowest level since early November, just after Mr Trump was elected.

AMP chief economist Shane Oliver said in addition to the tariff talk, global share markets had been falling on the back of increasing concerns about the economic outlook in the US and concerns the AI boom might be over.

Australia's earning season for listed companies began well but had a pretty ordinary end with a number of downgrades, Dr Oliver said.

Every ASX sector except telecommunications finished in the red, with technology, consumer staples and materials/mining all down more than two per cent.

BHP lost 2.5 per cent to $39.04, Fortescue fell 3.7 per cent to $16.51 and Rio Tinto retreated 2.9 per cent to $113.37.

Star Entertainment Group was the worst performer in the ASX200, plunging 15.4 per cent to a three-week low of 11 cents after the embattled casino operator said it was waiting to receive one or more bailout offers that could save it from insolvency.

Endeavour Group retreated 7.1 per cent to a two-week low of $4.17 as the bottle shop operator and pub owner reported its half-year profit was down 15.1 per cent to $298 million.

Coles dropped 2.0 per cent and Woolworths fell 2.3 per cent.

The big four banks were mixed, with NAB dropping 0.4 per cent to $35.30 and ANZ dipping 0.3 per cent to $29.79 while Westpac rose 0.6 per cent to $31.81 and CBA added 0.3 per cent to $156.74.

Harvey Norman rose 2.6 per cent to $5.22 after the retailer posted a first-half profit of $400.3 million, up 41.2 per cent from a year ago.

Executive chairman Gerry Harvey told AAP he was surprised how well sales had held up given cost-of-living pressures.

"Retail's not contracting to the degree I thought it might - it's actually improving," he said.

Digital property settlement platform Pexa Group and family location-sharing app Life360 also did well after releasing earnings, rising 8.1 per cent to $12.31 and 7.2 per cent to $23.30 respectively.

The Australian dollar meanwhile had fallen to a 24-day low against its US counterpart, buying 62.13 US cents, from 62.93 US cents at 5pm on Thursday.

ON THE ASX:

* The benchmark S&P/ASX200 index on Friday dropped 95.8 points, or 1.16 per cent, to 8,172.4

* The broader All Ordinaries fell 102.2 points, or 1.2 per cent, to 8,403.9

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 62.13 US cents, from 62.93 US cents at 5pm AEDT on Thursday

* 93.15 Japanese yen, from 93.99 yen

* 59.82 euro cents, from 60.14 euro cents

* 49.39 British pence, from 49.73 pence

* 110.98 NZ cents, from 110.80 NZ cents