US recession fears spark $80bn ASX bloodbath
The ASX has opened the week in the doldrums, down about 3 per cent at noon, in a $82bn sell off sparked by US recession fears.
The Australian bourse is on track for its largest two-day loss in more than 24 months if Monday’s trading continues.
The ASX shed 1.8 per cent on Friday.
Camera IconInformation technology is leading the plummet on the ASX on Monday. NewsWire / John Appleyard Credit: News Corp Australia
As it stands, the information technology sector has lost the most ground on Monday, down more than 5 per cent. All 11 sectors are in the red.
Poor US jobs data has sparked concerns a recession could be a threat.
Camera IconHow the ASX is tracking about 12.30pm on Monday. Market Index Credit: Supplied
There were losses in London on Friday, and in Japan they’re heading downwards even further, on track for an 11 per cent loss across August 2 and 5.
Looking at the ASX 200, fintech firm Block is down 9.6 per cent to $90.41 at noon on Monday.
Alcoa has tanked nearly 8 per cent, and Neuren Pharmaceuticals has lost 7 per cent.
More to come
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