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ASX dives lower as Fed move spooks markets


Australia’s volatile sharemarket has plunged almost seven per cent after sentiment for equities suddenly soured in the US following rate cuts from the Federal Reserve and other central banks.

Futures had been pointing to a one per cent rise on Monday but the benchmark S&P/ASX200 dropped 373 points, or 6.74 per cent, to 5,166 at 1015 AEDT on Monday.

The ASX has tumbled in early trade on Monday.

The ASX has tumbled in early trade on Monday.Credit:Louie Douvis

The broader All Ordinaries index sank 368.5 points, or 6.59 per cent, to 5,222.2 after the US futures markets opened lower following Federal Reserve and other central bank rate cuts.

Industrials shed almost 10 per cent, while the energy and consumer discretionary indices dived more than eight per cent after 15 minutes of trading.



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