Australian shares plunged by nearly 7 per cent on opening after global markets tumbled again overnight as US President Donald Trump's ban on European travellers rattled investors.
The ASX 200 index has since recovered slightly, and was down 4.7 per cent to 5,055 points by 10:58am AEDT.making it the worst single-day drop since the Black Monday crash in October 1987. Every local sector is seeing heavy losses, with financials and industrials being the worst performers. Only four stocks in the benchmark index are trading higher, including Fortescue Metals and Woolworths .The Australian dollar had plunged by 4 per cent, down to a 17-year low of 62.3 US cents.
The abc loves making people panic. Very responsible of the abc.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: