Australian share market plunges, wiping out gains from past two years



December 18, 2018 10:28:30

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.

The Dow Jones index shed 508 points and the benchmark S&P 500 fell to a 14-month low.

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.








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