Grim tidings 4/6/2012
The latest news from the markets is dire and likely to get worse.
A smart government would now scrap plans for a carbon tax using the looming crisis as justification. Whoa, don’t get hopes up, I said a smart government.
THE Australian share market tumbled in early trade today, with about $20 billion wiped off the value of shares before the market stabilised.
At 11.45am, the All Ordinaries Index had fallen 72 points to 4045, showing no signs of recovering after a miserable May.
The broader ASX 200 briefly fell below the 4000-point level, but stabilised and climbed just above that barrier.
The fall effectively wiped about $20 billion off the value of Australian shares in the space of 15 minutes. The Australian market has lost about $120 billion since the start of May.