Australian shares plunge 3.6%, worst performance of 2020

Australia's S&P/ASX 200 index closed down 3.6%, its biggest one-day drop since May 2020, as global investors worried about the possibility of a recession in the United States. Australian stocks have fallen 5.7% since hitting a new high last Thursday. All 11 sectors closed lower, with heavyweight financial stocks falling 5.0%, marking their worst day since June 2020. All industry stocks fell, with ANZ, National Australia Bank, Westpac and Commonwealth Bank falling between 4.5% and 5.7%. Technology stocks performed even worse, with Xero, WiseTech and Life360 falling between 5.55% and 9.05%. (Jinshi)