, closing off a quarter of the country’s population including Milan.
“That was enough to spook investors and we’ve seen out-and-out selling across the board,” Mr McCarthy said. The major banks were also smashed, with Westpac, ANZ and NAB sliding between 8.5 and 8.6 per cent while the Commonwealth Bank lost 6.5 per cent. “The big concern ultimately for financial markets right now is you see a slowdown in global economic growth but also you raise the risk really quite considerably of some kind of credit crunch because of the stress a lower oil price will have on some very vulnerable companies in the United States,” he told news.com.au.Investors were bracing for a ‘horrific’ losses on the local market.
Fears escalated by the very media posting fear mongering click bait headlines to push advertising revenue. The irony huh?
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