Australian stocks ruled off their worst session since the coronavirus outbreak began, eclipsing the biggest sell-off experienced during the global financial crisis as the outlook for the economy rapidly deteriorates and the Australian dollar crumbles.
The currency on Monday hit US60.97¢, the lowest level since 2008, and the S&P/ASX 200 plunged 9.7 per cent to 5002 points. Only 1987's Black Friday triggered worse pain for equities and the local market is now down more than 30 per cent since its February record high.
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Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
