Australian shares tumble, following Dow Jones’s 660-point drop
Australian shares have tumbled, after Apple’s worst trading day in six years sparked a sell-off in global markets.
The benchmark ASX 200 lost 1.1 per cent to 5,575 at 12:00pm (AEDT), with more than three-quarters of its stocks in the red.
The broader All Ordinaries index fell by a similar level to 5,634 points.
Since its recent peak in late-August, the local market has plummeted by about 12 per cent — as investors grow increasingly concerned about an unresolved trade war, slowing global economic growth and the United States raising interest rates too quickly.
Almost every sector is in negative territory, with technology (-2.1pc), healthcare (-2pc), materials (-1.6pc) and consumer staples (-1.5pc) being the worst performers.
The telecommunications (+0.5pc) and utilities sectors (+0.3pc) are the only ones making gains.
Bluescope Steel (-3.7pc), Graincorp (-2.2pc), Macquarie Group (-2pc) and Qantas (-2pc) are some of the big-name stocks which have sustained heavy falls.
Mining giants Rio Tinto (-2.1pc) and BHP (-1.8pc) are two of the biggest drags on the broader market.
Also having a significant impact are the big four banks, led by ANZ’s 1.3 per cent loss. NAB, Westpac and Commonwealth Bank have slipped 0.7 per cent each.
Mining companies Syrah Resources (-5.7pc), Galaxy Resources (-5pc), and Orocobre (-4.1pc) are among the worst-performing stocks.
More to come.