Australian blue chips open lower after suffering their worst day in two years on Tuesday as Wall Street decline continues.
Australian shares edged lower in opening trade on Wednesday following further declines in US shares overnight Wednesday, but the velocity of the downdraft softened after a dramatic start to the week as investors increased expectations for a US recession.P/ASX 200 opened 0.6 per cent lower, which would on a closing price basis place the index at the lowest level since January last year. The drop extended, which wiped 3.
Global shares fell into a bear market this week as investors became worried the US would fall into a recession.The further fall brings the benchmark 13 per cent from its peak last August and closer toward bear market territory, defined as a decline of 20 per cent or more. Global equities slumped into a bear market on Tuesday after a savage six months from the peak in early January.
The pressure facing local blue chips partly related to expectations the Reserve Bank of Australia would increase interest rates at a quicker pace than previously anticipated following
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