Australian share market suffers almost $90b dip as recession fears fuel horror day

The top 200 companies on the stock exchange, which make up the S&P/ASX200 index $S&P/ASX 200(.XJO.AU)$ , fell more than 5% within the first 20 min of trade, making one of the worst dys since the pandemic began in 2020.

The recession risk relateds to whether central banks tighten interest rates so high and quickly that it can causes consumers to stop spending immediately. Centrak banks removing the support of low interest rates that existed during the height of the pandemic does not necessarily mean the economy is heading into a recession.