Dragged down by U.S. equities, the Australian stock market evaporated by about $50 billion

On March 11, according to the Australian broadcasting company ABC, the U.S. stock market plummeted overnight due to fears of a recession, and the Australian stock market was dragged down to a seven-month low, with all ordinaries losing about $50 billion in market value at the peak of the day’s panic selling. Australia’s S&P/ASX200 is down 8.4% from its all-time high reached in mid-February.