Banks, miners tumble, Afterpay-owner Block plunges 7.5pc

Australians shares have followed Wall Street lower, plunging 2.2 per cent at the open on Friday, on heightened US recession fears.

All sectors are lower led by tech, down 3.8 per cent. Shares in Afterpay-owner plunged 7.2 per cent in early trade after the US Block-listing fell 8.6 per cent overnight.

Also lower are GUD Holdings, down over 18 per cent and ARB Corp falling 7.4 per cent.

The big four banks are all in the red – CBA falling 2.9 per cent, ANZ down 2.2 per cent, NAB 2.8 per cent and Westpac 2 per cent.

The ASX took direction from a renewed global rout as rising interest rates in the US, the UK and Switzerland in the last 24 hours stoked recession worries.

At the close in New York, the Dow was 741 points lower to 29,927.07 points. The S&P 500 was at 3667.

All 11 of the S&P 500’s industry groups slumped, paced by a more than 5 per cent drop in energy even though the price of oil was higher, near $US120 a barrel.


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