The Australian share market is a sea of ​​red as the ASX falls 2 percent

by NewsTimeOffice

Australian share market bloodbath as ASX falls 2 percent after Wall Street hits new lows and British pound falls

The Australian Securities Exchange was down 2 percent in the first hour of trading on Monday

The Australian share market fell two percent in early trade after Wall Street hit a new low for the year and the British pound sank to 1985 levels.

The Australian Securities Exchange’s benchmark S&P/ASX200 was 1.9 percent weaker at 6,447.3 points in the first hour of trading on Monday.

The plunge reflected a slump on Wall Street, which weakened 1.6 percent after New York’s benchmark Dow Jones Industrial Average hit a new low for 20,000 and finished below the 30,000 mark for the first time since June.

Concerns over global inflation and large interest rate hikes from the US Federal Reserve.

Global risk appetite suffered another blow as the UK pound sterling fell to its lowest level since 1985 after new Conservative Prime Minister Liz Truss and her new Chancellor of the Exchequer Kwasi Kwarteng unveiled a mini budget with big tax cuts, raising concerns about worsening inflation.

Australian shares fell two per cent in opening trade after Wall Street fell to new lows for the year (Image: Australian Securities Exchange in Sydney)

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