The Australian Securities Exchange (ASX) has plummeted to the lowest level since November 2020 as international markets fell due to intensified worries about the world economy.
As of noon on June 17, the benchmark S&P/ASX200 index dropped 2.23 percent to 6,452.9, while All Ordinaries went down 2.12 percent to 6,641.7.
“The backdrop for equities right now is about as bad as it gets,” City Index analyst Tony Sycamore wrote in his morning note.
“Central banks’ determination to break the back of spiralling inflation at the cost of growth likely guarantees a recession during the first half of 2023.”
Stock market performance in the week commencing June 13 was even worse than the prior week, which has made headlines as ASX’s worst week since October 2020….