Australian stock market tumbles since early 2020 after catastrophic drop on Wall Street as global inflation scares investors: ‘ASX in freefall’
- Australian stock market takes worst dive since March 2020 on inflation fears
Australian stock market suffers worst fall since March 2020 inflation Fear scared investors.
The benchmark S&P/ASX200 was down 5.3 percent in early trade and more than $110 billion worth of shares were wiped out.
The fall followed a poor session on Wall Street in May amid fears of a US inflation rate of 8.6 per cent, the highest in four decades, the US Federal Reserve would hike interest rates.
Banks are being badly affected at the level of $ 88.67, with the Commonwealth Bank falling 5.45 percent in early trade.
Mining giant BHP fell 5.71 per cent to $43.58, the stock of resources that measures global growth.
Australian stock market suffers worst fall since March 2020 as inflation scare scares investors
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