Australia: Shares hit one and a half year lows on China fears
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SYDNEY] Australian shares skidded to their lowest level in 1-1/2 years on Monday morning as fears of a sharp economic slowdown in China triggered a fresh wave of selling in global equity markets.
By 0018 GMT, the S&P/ASX 200 index had tumbled 2.4 per cent, or 124.8 points, to 5,089.8 points, the lowest level since February 2014. It also marked the biggest percentage drop since May 2012.
The benchmark is on track for its worst month since the 2008 global financial crisis, having lost 10.6 per cent so far in August.
China is Australia's No. 1 trading partner, and a surfeit of grim indicators in the world's second-largest economy has forced investors across the globe to dump stocks.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
