Australian stock market loses $70BILLION in two days amid global recession fears
- The Australian Securities Exchange has lost $70billion in just two days of trade
- Benchmark S&P/ASX200 fell 2.2 per cent during Thursday’s opening half hour
The Australian share market has lost more $70billion in just two days over fears of a global recession.
The benchmark S&P/ASX200 fell 2.4 per cent or 145.2 points during the opening half hour of trade on Thursday morning, as American employment data sparked more panic.
More than $40billion was wiped off the Australian Securities Exchange in less than one hour.
With Wednesday’s losses factored in, the local share market has fallen by 3.9 per cent in two days, with the value of shares falling by $70billion.
All sectors were in the red except gold.
CommSec market analyst James Tao said fears of a global recession had spooked financial markets across the world, including Australia, following more bad disappointing data out of the United States.
The Australian share market has lost $70billion in just two days over fears of a global recession (pictured is the Australian Securities Exchange building in Sydney)