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The brutal reality of a tit-for-tat trade war proved too much for global financial markets after a build-up of risk taking in recent years, with Australian shares suffering a $50bn rout in their biggest one-day fall in six months.

Meanwhile, analysts fear the Australian dollar could revisit levels not seen since market turmoil at the onset of the Covid-19 pandemic in 2020, after it fell to a five-year low on Monday, driven by concerns over a global trade war. 

And receivers have been appointed to one of the largest apartment developments in Sydney’s eastern suburbs, the $300m Nautique apartment block in Rushcutters Bay, even though 43 units in the 117-unit block sold for a total of more than $140m within weeks of its launch.