Australian share market suffers worse dive since early 2020 as inflation scares investors
Australian stock market suffers worse plunge since early 2020 after horror plunge on Wall Street, as rising global inflation scares investors: ‘ASX in free fall’
- Australian stock market suffers worst plunge since March 2020 due to inflation fears
Australia’s stock market is experiencing its worst plunge since March 2020 as inflation fears deter investors.
The benchmark S&P/ASX200 fell 5.3 percent early in trading with more than $110 billion of shares destroyed.
The plunge followed a poor session on Wall Street amid fears that a US inflation rate of 8.6 percent in May, the highest in four decades, would lead to a rate hike by the US Federal Reserve.
Banks have been hit hard with Commonwealth Bank’s 5.45 percent drop in early trading to $88.67.
Mining giant BHP fell 5.71 percent to $43.58, while commodities inventories are a barometer of global growth.
Australian stock market experiences worst plunge since March 2020 as inflation fears scare investors