There are fears for millions of Australian's superannuation after the ASX had its biggest fall in two years. vella_lara 9News DETAILS:
shed almost $90 billion in value in a horror day as investors eye the implication of Wall Street entering a "bear market".
The biggest losers of the day came largely from the resources sector, including Fortescue Metals , James Hardie Industries and Bluescope Steel .The early carnage was the ASX 200's worst loss since March 2020, following fears that the then-incoming COVID-19 pandemic would wreak huge damage to the world economy.
Wall Street was officially dubbed a "bear market" overnight, which in economic terms means prices are falling and investors are feeling encouraged to sell. Jefferies joined Barclays on Monday in predicting that the Federal Reserve would hike rates by three-quarters of a percentage point, an action the Fed hasn't taken since 1994.Federal Reserve Chairman Jerome Powell is expected to raise rates drastically to curb inflation in the US.