Bloodbath: $110b wiped off ASX after Wall Street sinks into bear market

The Australian dollar also fell sharply, shedding 1.9 per cent overnight to fall below 70 US cents. At 10.48am AEST, it is fetching 69.47 US cents.Fears about a possible recession are pounding markets globally, and Wall Street’s S&P 500 tumbled into a bear market after sinking more than 20 per cent below its record set early this year.

“The best thing people can do is to not panic and don’t sell at the bottom,” said Randy Frederick, managing director of trading and derivatives at the Schwab Centre for Financial Research, “and we’re probably not at the bottom.”Some economists are even speculating the Fed on Wednesday may raise its key short-term interest rate by three-quarters of a percentage point. That’s triple the usual amount and something the Fed hasn’t done since 1994.

The 10-year yield jumped to 3.34 per cent from 3.15 per cent, and the higher level will make mortgages and many other kinds of loans for households and for businesses more expensive. It has more than doubled this year and touched its highest level since 2011. Bears hibernate, so bears represent a market that’s retreating, said Sam Stovall, chief investment strategist at CFRA. In contrast, Wall Street’s nickname for a surging stock market is a bull market, because bulls charge, Stovall said.

Anyone want to buy a bear?

SMH integrity plunged to zero, coercing people to out themselves

Blindly following the US market yet again. Buggered if I know why we have our own Stock Exchange and Investment Broker structure, when they all do stuff all analysis to determine true share value of Aussie listed companies. It’s an absolute disgrace consisting of overpaid puppets

After Labor was elected we saw the stock market plunge, interest rates soar, house prices collapse, rolling blackouts, record inflation, $10 lettuce, soaring energy prices, a flood of boats carrying illegals. You just can’t trust Labor to run the country hey.

Apparently the Herald's disgrace is now featuring on US television! BevanShieldsMustResign Auspol

'Be fearful when others are greedy and greedy when others are fearful.” Warren Buffet. Plenty of bargains in the market today.

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