Australia’s sharemarket drops from eleven-week high Trade concerns impact market performance

The Australian sharemarket declined on Tuesday, with the ASX 200 falling 58.60 points (0.66%) to 8,815.90, largely due to dropping bank and resources stocks amidst ongoing US-Greenland tensions. Major banks like Commonwealth and Westpac saw significant declines, while BHP’s shares fell 1.99% despite positive commodity price news. Utilities stocks, led by Origin Energy, and some technology shares provided slight relief, with ARB Corporation suffering a 12.04% drop after disappointing sales. Overall, geopolitical tensions and mixed sector performance characterized the trading day.