- The ASX exploded out of the gates and instantly face-planted this morning, falling 7%
- Not a single stock was in the green at open.
- It comes as the US experienced the fastest 20% drop in history on Thursday.
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The ASX opened painfully this morning, falling 7% instantly after the Dow Jones experienced the biggest single-day drop since Black Monday in 1987.
Futures at 8am AEDT pointed to a fall of 382 points – or 7.2% – at the open, a further demolition after yesterday's 7.4 percent fall.
It paid out, with not a single stock in the top 200 trading in the green at open.
The ASX entered its fastest bear market on record on Monday, having plummeted 20.5% in just 14 days.
The benchmark S&P/ASX200 closed down 421.3 points, or 7.36 per cent, on Thursday, after neither Scott Morrison nor Donald Trump's announcements about their respective coronavirus stimulus responses managed to assuage the concerns of traders.
Additionally, the Australian dollar has plummeted nearly 4 per cent in the last 24 hours thanls to strong demand for the US dollar. It's sitting at 62.87 US cents, with a strong possibility it could go below 60.