Market Wrap / peak panic?

Market mayhem continued during Wednesday's trade, as President Trump's reciprocal tariffs on dozens of countries, including a massive 104% duty on Chinese goods, cam into effect.The S&P/ASX 200 fell 1.8% to 7375 points by the close, taking the losses over the past 5 sessions to 7.1%.

The healthcare sector slid 3.6% as Trump indicated tariffs will be extended to pharmaceutical products, despite an exemption previously flagged. CSL, which is heavily involved on the US market, lost 5% during the day’s trade.

Nickel Industries plunged to a five-year low, down 14.1%, as base metals prices fell. Maket heavyweight BHP shed 3.4% while Rio Tinto fell 5%. Analysts at Jefferies hinted that BHP's strategic focus on copper could push the mining giant to reconsider a bid for Anglo American. 

A slump in energy prices saw Santos fall 5.7% while Woodside was lower by 3.7%.

Bucking the trend, small-cap player Calix gained 7.5% as its water treatment products are confirmed to be exempt from US tariffs.

The financial sector fell 0.8% despite a 0.5% gain from index leader CBA.

And amidst fear of subdued growth and recession, both the RBNZ and Central Bank of India both cut their cash rates. 

Futures markets indicate a steep fall when US markets open later tonight.Tomorrow, Reserve Bank Governor Michele Bullock delivers a speech. Markets are heavily pricing at least a 25bps cut at the RBA's next meeting in May.