Australian share market plunges, wiping out gains from past two years
The local share market has plunged in early trade, wiping out all its gains in the last two years.
Australia’s benchmark index, the ASX 200, had fallen by 1 per cent to 5,600 at 10:10am (AEDT).
Meanwhile, the broader All Ordinaries index tumbled by a similar level to 5,675 points.
It follows a volatile session on Wall Street overnight, as it continued to fall deeper into correction territory.
Investors are on edge about a potential recession in the United States, and the Federal Reserve’s widely expected rate hike on Wednesday afternoon (New York time).
Every Australian sector is in the red, with energy (-2pc) and financials (-1.2pc) being the worst performers.
Origin Energy (-2.1pc), Nine (-2pc), Bluescope Steel (-2pc) and Fortescue Metals (-1.7pc) are some of the big-name stocks that have fallen by the most.
The big four banks have dropped between 0.8 and 1.6 per cent.
The Australian dollar has risen slightly to 71.8 US cents.