ASX Faces Significant Decline Amid $82bn Sell-Off Due to US Recession Fears
The ASX is experiencing a major downturn, with a $82bn sell-off driven by US recession fears. Information technology sector leads the decline, with all 11 sectors in the red.
Australia, Bollywood Fever: The Australian Stock Exchange (ASX) has opened the week with significant losses, down approximately 3 percent at noon, leading to a $82 billion sell-off sparked by fears of a US recession.
If Monday’s trading continues this trend, the ASX is on track for its largest two-day loss in over 24 months, having already shed 1.8 percent on Friday.
Currently, the information technology sector has been the hardest hit, losing more than 5 percent. All 11 sectors are experiencing declines.
The downturn was triggered by poor US jobs data, which has heightened concerns about a potential recession. The ripple effect of these concerns has been felt globally, with losses observed in London on Friday, and further declines anticipated in Japan, which is on track for an 11 percent loss across August 2 and 5.
Notably, within the ASX 200, fintech firm Block is down 9.6 percent to $90.41 at noon on Monday. Alcoa has dropped nearly 8 percent, and Neuren Pharmaceuticals has decreased by 7 percent.
As investors react to the uncertainty, the Australian market continues to navigate through turbulent conditions, reflecting broader economic anxieties.
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