The Australian share market endured a brutal session on Tuesday, wiping out $60 billion in value and marking its steepest decline since the devastating Liberation Day tariff announcements that shook global markets earlier this year.

The benchmark S&P/ASX 200 plummeted 167.30 points, or 1.94 percent, to close at 8,469.10, while the broader All Ordinaries index dropped 177.40 points, or 1.99 percent, to 8,738.30. The Australian dollar also weakened, falling to 64.83 US cents.

Market analysts described Tuesday's carnage as a "perfect storm" of converging international pressures that sent shockwaves through the local bourse. All eleven sectors finished in the red, with nowhere for investors to hide from the selloff.

Information technology stocks bore the brunt of the losses, surrendering almost six percent as a sector. Materials and banking stocks also suffered significant damage, falling three percent and 1.90 percent respectively.

Technology One experienced a dramatic collapse, plummeting 17.20 percent to $29.26, while WiseTech Global dropped 4.61 percent to $62.63 and Life360 fell 4.24 percent to $35.27.

The nation's big four banks were not spared from the bloodbath. Commonwealth Bank dropped 1.65 percent to $153.22, while Westpac slumped 2.97 percent to $37.87. NAB sagged 2.10 percent to $40.60, and ANZ slipped 0.91 percent to $35.85.

IG market analyst Tony Sycamore identified multiple catalysts behind the market's sharp retreat. "Investors braced for Nvidia's make-or-break........

© International Business Times