Thanks afternoon crew.
End-of-day summary:
The share market suffered its heaviest loss in five weeks after hopes for US interest rate cuts took another hit, and tensions in the Middle East exacerbated inflation worries.
The ASX 200 was briefly on track for its biggest setback in more than a year before a partial recovery. The index closed 140 points or 1.81% in the red after earlier losing as much as 167 points.
Today's spectacular decline was the largest since a 143-point dive on March 11. The index finished the session at its weakest since February 22.
Just 12 of the index's 200 component companies advanced. The largest gain was BWP Trust's 2.08%. Under-siege casino group Star Entertainment anchored the index with a loss of 14.43%.
Not one of the 20 elite heavyweights of the S&P/ASX 20 managed a gain. Losses ranged from 0.81% for Telstra up to 4.65% for South32.
Wall Street gave up early gains overnight as bond markets signalled that strong March retail sales growth might be good for the economy, but won't encourage the Federal Reserve to start cutting rates. The S&P 500 swooned 1.2% as the 10-year US treasury yield hit a five-month high and nervous traders waited to see how Israel will respond to Iran's weekend missile and drone attack.
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Thanks afternoon crew. End-of-day summary: The share market...
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