Australian share market loses nearly $60 billion on open
The Australian share market plunged almost 2.6 per cent within minutes of opening today, wiping out an estimated $58 billion worth of value from the market.
The sharp fall was triggered by spooked US investors worried by larger-than-anticipated inflation data.
Just minutes after the market opened this morning, the benchmark S&P/ ASX 200 was down 180 points or 2.57 per cent to 6829.5 points.
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The Australian share market plunged almost 2.6 per cent just minutes after opening today. Nine
All 11 sharemarket sectors fell. Technology and real estate stocks posted declines of more than 3 per cent.
Local shares are plunging after the US revealed higher-than-expected inflation data, further prompting fears of greater interest rate hikes.
High interest rates typically causes consumer spending to fall and may have a negative effect on consumer-facing businesses.
The Australian dollar was 2.3 per cent lower today, recording its biggest daily slump since the COVID-19 pandemic. It levelled at US67.31¢.
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