ASX tumbles at open after Wall St sell-off

Michael Mehr,Australian Associated Press 39 minutes ago

The Australian share market has shed nearly two months of gains in the first half hour of trade, plummeting more than 2.5 per cent following significant losses on Wall Street overnight.

The benchmark S&P/ASX200 index was down 177.8 points, or 2.68 per cent, to 6,462.5 points at 1030 AEST on Tuesday, while the broader All Ordinaries was down 184.4 points, or 2.75 per cent, to 6,526.2 points.

The market turmoil, sparked by escalating US-Chinese trade tensions, appeared to flare up after the US Treasury Department said that it had determined for the first time since 1994 that China was manipulating its currency.

The sell off returned the local indices to levels last seen on June 7.

Tech and energy shares were the worst hit, slumping 5.88 per cent and 4.14 per cent respectively, but every sector was down more than one per cent.

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https://au.yahoo.com/finance/news/asx-expected-dive-wall-st-slumps-211534594--spt.html