Australian shares have tumbled in early trade over rising fears of a global recession.
By 10:25am (AEST), the ASX 200 had fallen by 2.2 per cent to 6,492 points.
The benchmark index has plunged by 3.7 per cent in two days, when yesterday’s losses (-1.5pc) are factored in.
In dollar terms, the local share market has lost $70 billion over two trading sessions.
It follows the heavy sell-off that occurred across foreign markets overnight.
London’s FTSE was the worst performer, dropping 3.2 per cent in one session.
On Wall Street, the Dow Jones index shed 838 points, or 3.1 per cent, in the last couple of days.
The panic selling was triggered by the United States recording its worst manufacturing figures in a decade, and worse-than-expected job figures.
It appears the US-China trade war is starting to hurt America’s economy, which had performed relatively strongly until this week.
The Australian dollar, meanwhile, is buying 67.1 US cents.
More to come.