Half-time wrap:
The share market gave up the last of its gains for the year as the domestic benchmark slumped to its weakest level since March.
At the halfway mark, the ASX 200 was down 52 points or 0.73% and on track for a fifth straight loss. The index traded as low as 6957 before paring its fall to 7013.
Today's decline pushed the index into negative territory for 2023. The ASX 200 finished 2022 at 7038.7 and traded as high as 7567.7 in February before drifting into a sideways trading pattern as investors fretted about the risk of a hard landing for the economy as interest rates reached levels unseen for many years.
Equity markets around the globe began to crack this week after the US Federal Reserve made it clear it expects rates to hold above 5% through next year, sharpening the risk of recession. Wall Street had its worst night in six months as bond yields surged to levels last seen in 2006.
Today's rout lowered all sectors except consumer staples. Property stocks, healthcare providers and tech stocks bore the brunt.
Personal trading: Couldn't catch a trade to save myself for most of the morning. Wanted BPH and PGY at their lows, but no fills. Eventually took RR1. Hindsight says megacaps like BHP and CBA were buys at the open. Saw them too late. Shoulda done more prep. Black mark for me.
