The Australian equity market is a sea of red as the ASX tumbles 2% after Wall Street fell to a new low for the year and the pound hit a 37-year low
- The Australian Securities Exchange weakens 2% in the first hour of trading on Monday
The Australian equity market fell 2% at the open of trade after Wall Street hit a new low for the year and the pound fell to 1980s levels.
The Australian Securities Exchange’s benchmark S&P/ASX200 was 1.93% lower at 6,448.10 points in the first 50 minutes of trading on Monday.
The drop mirrored Wall Street’s meltdown, with New York’s benchmark Dow Jones Industrial Average ending down 1.6% after hitting a new low of 20,000 and ending below 30,000 for the first times since June.
Worries about global inflation and sharp interest rate hikes from the US Federal Reserve.
The Australian equity market fell 2% when trading opened after Wall Street hit a new low for the year (pictured is the Australian Securities Exchange in Sydney)