S&P/ASX 200 sheds $43bn, bitcoin dives

ASX  has its  third worst day this year and its lowest daily close in the past six weeks.

Inflation concerns continue to affect markets. Picture: AAP

Welcome to the Trading Day blog for Wednesday, May 19. The local sharemarket has had its  third worst day this year and its lowest daily close in the past six weeks.

The slump came after another night of choppy trade in the US, with the Dow closing down 0.8 per cent, the S&P 500 dropping 0.9 per cent and the Nasdaq ending down 0.6 per cent, after starting the day with gains. European stocks were little changed.

EML Payments’ shares collapsed by more than 45 per cent after the Brisbane-based fintech said regulators were probing its Irish subsidiary over anti-money laundering and counter-terrorism financing concerns.