ASX dives at open after Wall Street rout

ASX dives at open after Wall Street rout, by David Rogers.

The Australian market is falling after a horror session on Wall Street. Asian markets are now joining in the selloff, spurring further falls on the ASX.

The “inversion” of the yield curves comparing 2 year and 10 year US government bonds – normally an indication of a looming recession – sparked a 3 per cent fall on Wall Street overnight. …

That same fear is brushing off locally, with the benchmark ASX200 lower by 2.2 per cent or 143 point drop to 6452 and wiping $40 billion off the market’s value. …

Gold stocks are in favour as investors flock to safe haven assets – St Barbara, Evolution and Newcrest are rounding out the rest of the top five best performers.