Aussie share market’s death spiral continues, smashing all-time weekly loss
The “intensity and ferocity” of the falls to the Australian stock market continues as it barrels towards smashing an all-time loss.
The Australian share market has crumbled further into uncharted territory with the death spiral continuing through the morning.
The ASX200 plunged 7.4 per cent by 12.35pm AEDT, adding to the $551 billion lost since its all-time high reached just three weeks ago.
And after a near-10 per cent crash on Wall Street last night as well as violent falls in Europe, the indicators are forecasting the horror to deepen on our shores as the market barrels towards the worst week of losses in its history.
More than 20 per cent has been wiped since Friday last week, smashing the previous worst of 15.7 per cent recorded in October 2008.
“We’ve never seen anything like the intensity and the ferocity of the selling, there’s no script to show how aggressive this sell-off has been,” Pepperstone head of research Chris Weston told news.com.au.
He said US President Donald Trump’s inaction to counter the economic impacts of the coronavirus coupled with his 30-day travel ban to Europe are the main prods for the spiral.
https://www.news.com.au/finance/markets/australian-markets/aussie-share-markets-death-spiral-to-continue-when-bell-rings/news-story/60bf6b3c57707873ec7b5705ec9bd897