ASX tumbles as US recession risk weighs on markets

Emma Rapaport, Richard Henderson, Alex Gluyas and Michael Read

Updated Jun 14, 2022 – 11.29am, first published at 11.21am

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Australian shares suffered the worst day in two years on Tuesday as rising risks of a US recession triggered a global share sell-off and prompted investors to prepare for a hit to profits for local blue-chip companies.

The S&P/ASX 200 fell 3.5 per cent to 6686 points, its worst trading session since May 2020 and one of the biggest one-day declines since the coronavirus pandemic began.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.

Richard Henderson is a markets reporter based in our Melbourne newsroom.

Alex Gluyas is a markets reporter based in our Melbourne newsroom.

Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS.