ASX 200 plunges on broad losses; index falls 10.2pc for FY22; Brambles exits Costco deal

ASX plunges on broad losses led by utilities and miners. Seven seeks to terminate cricket TV deal, job vacancies hit 500k and Brambles exits Costco deal.

Investors are bracing for a global economic slowdown. Picture NCA Newswire/ Gaye Gerard.

Welcome to the Trading Day blog for Thursday, June 30. The Australian share market plunges 2 per cent on the last day of the financial year led by losses in utilities, materials and real estate.

The benchmark S&P/ASX 200 index was down 0.9 per cent to 6640.70 at 2.08pm AEST with most sectors in the red.

On Wall Street, the Dow Jones Industrial Average closed 0.3 per cent higher while the S&P 500 fell 0.1 per cent and the technology-focused Nasdaq Composite Index is off 0.1 per cent as investors await corporate earnings reports.

It came amid fresh US GDP data showing a 1.6 per cent contraction in the March quarter.

Oil prices fell with global benchmark Brent down 1.5 per cent to $US116.26 a barrel and WTI Nymex was off 1.8 per cent to $US109.78 a barrel.

Iron ore futures fell 0.1 per cent to $US130.11 per tonne.

The Aussie dollar is lower at US68.80c at the US close.