Market wrap: ASX ends financial year with a plummet, as global recession fears loom

The ASX has tumbled 10.2% this year, as the financial year ends on a downturn. Shares of Australian media companies finished their tumble into the red yesterday, uniformly closing out the financial year with significant losses in their share price.

Australian shares have continued their downward trend, slumping lower yesterday as the financial year draws to a close. Global central banks have continued to tighten monetary policies with increasing interest rate hikes, which are stirring recession fears in investors around the globe. The benchmark S&P/ASX 200 ended the final trading session of the financial year with a 2% drop.

In the US, the Dow suffered its worst day since 1960, and concerns of inflation, tightened monetary policies and rising interest rates continue to dominate conversation. Economists continue to debate whether the current inflation is primarily caused by supply disruptions or excessive demand, and whether it will be temporary or long-term, but regardless, aggressive interest rate hikes don’t seem to be going anywhere.