The Australian share benchmark has now plunged more than 13 per cent this year as investors brace for higher interest rates.
The decline on Tuesday follows a 4.2 per cent drop last week, the worst weekly tumble for the benchmark since April 2020, following the Reserve Bank’s decision to hike its cash rate by 50 basis points, more than the market had anticipated.
One investor managing more than $1 billion said investors had assumed “battle stations” and warned that the equity market had “further to fall,” as above-target inflation in developed markets including the US, Europe and Australia had prompted central banks to act quickly to tame rising consumer prices.
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