'Markets in meltdown': ASX set for more pain as global stock markets drop sharply
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The Australian share market suffered its worst day in more than four years on Monday as rising fears of a US recession sparked global panic selling; Wall Street's main indexes have slumped as fears of the United States tipping into recession following weak economic data last week rippled through global markets; Bourses from Asia to Europe took a beating and bond yields slipped as investors rushed to safe-haven assets and bet the US Federal Reserve would need to cut interest rates aggressively to spur growth; US Treasury yields fell to their lowest in a year and a closely watched gap between two- and 10-year Treasury notes turned positive for the first time since July 2022, usually indicating US economy is heading into a downturn; Australian stocks closed down 3.7 per cent on Monday, wiping more than $100 billion from the stock market



https://www.sbs.com.au/news/article/markets-in-meltdown-asx-set-for-more-pain-as-global-stock-markets-drop-sharply/4ecl7isj7