Your noon Briefing: All sectors flash red after Wall Street rout

Your 2-minute digest of the day’s top stories.

Hello readers. ASX slides to $40bn loss as recession fears mount, and Winston Peters walks back Jacinda Ardern’s carbon challenge to ScoMo.

The public viewing area at the ASX in Sydney.Picture: Richard Dobson

ASX slides to $40bn loss on recession fears

The local market is losing 2.1 per cent after US recession fears caused carnage on Wall Street, exacerbated by drops in Telstra, and Woodside. Robert Gottliebsen gives eight reasons investors are scared. Keep up with the latest in our live blog, Trading Day.

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Peters walks back challenge

Winston Peters walked back Jacinda Ardern’s carbon challenge to Morrison, saying Pacific nations need to look at the “big picture”.

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Cardinal Geroge Pell is taken from court in handcuffs.

End looms for Pell’s legal purgatory

For the sanity of all those involved — victims, Pell, the church — the best outcome next week would be a decisive result, writes John Ferguson.

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troops in shenzhen and tankman

‘We can hit Hong Kong in 10 minutes’

Trump suggests meeting with Xi as military commanders warn: “It takes 10 minutes to HK.”

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Treasurer Josh Frydenberg in his office at Parliament House in Canberra. Picture Kym Smith

The long read: Don’t fret, we’re growing

Our econo­mic conditions are softer than many would prefer, but all is not lost, writes Judith Sloan.