Australia's S&P/ASX 200 falls 3.6% on recession fears

According to Odaily Planet Daily, as global investors worried about the possibility of a recession in the United States, Australia's S&P/ASX 200 index closed down 3.6%, the biggest one-day drop since May 2020. Since hitting a new high last Thursday, Australian stocks have fallen 5.7%.

All 11 sectors closed in the red, with the heavyweight financials sector falling 5.0 per cent, its worst day since June 2020. ANZ, NAB, Westpac and Commonwealth Bank fell between 4.5 per cent and 5.7 per cent.

Technology stocks performed even worse, with Xero, WiseTech and Life360 falling between 5.55 per cent and 9.05 per cent.