More than $115 billion was wiped off the ASX at one point during the trading day, amid fears a global recession is imminent.
It follows on from Wall Street suffering major losses overnight, entering what is known as a “bear market” where share prices drop and investors withdraw.Stream more local news with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022
It managed to recover some losses later in the day, falling to 4.2 per cent after 3pm AEST before closing down 3.84 per cent. Sky News Australia’s Business Editor Ross Greenwood said he expects the Federal Reserve to hike rates by 0.75 per cent later this week and continue to increase each month.
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