A FIGHTBACK on the Australian share market has been laid flat with the local bourse falling sharply this morning following an overnight plunge on Wall Street.
The key ASX 200 benchmark share index fell by more than 2 per cent in early trade before recovering some lost ground.
Big miners Rio Tinto and BHP Billiton, along with the major banks and retail giants Woolworths and Wesfarmers, all suffered heavy falls.
The plunge was sparked by widespread falls on Wall Street, where the S&P 500 fell 2.5 per cent overnight to close below 1900 points for the first time since September.
The hit to Wall Street came as global investors continue to worry about an oil oversupply, disappointing corporate earnings from the US, the world’s biggest economy, and a slowdown in China.
The ASX 200 closed in positive territory yesterday for the first time in 2016, breaking an eight-session run of losses — its longest losing streak in five-and-a-half years.
This morning’s fall back into the red came as Morgan Stanley warned investors to brace for a second year of negative returns.
The investment bank has cut its outlook for the ASX 200 to 4800 by the end of the year.
The ASX 200 was down 1.5 per cent to 4912 points at 11am this morning.
with AAP
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