ASX tumbles 2.3pc, worst day since September; Fortescue slashes 200 jobs

Heavy selling of major banks sends shares to their fifth straight weekly fall. Virgin IPO tour launches, Booktopia hit with $6m fine. Fortescue cuts 200 jobs. ANZ fined.

Economic shocks as a result of higher rates to control soaring inflation is on equity investors’ minds. Picture: David Swift.

Welcome to the Trading Day blog for Friday, March 10. The Australian sharemarket saw its sharpest one-day fall since September 14, 2022, driven by sharp falls among the major banks following financial strife at a small US bank.

The S&P/ASX 200 index tumbled 2.3 per cent to 7144.70. The index lost 2 per cent for the week in its fifth consecutive weekly decline.

The dollar was buying US65.95c at the close.