By Adrian Black

Fears of a US recession and global economic slowdown have sent investors running for cover and tanking the Australian share market.

As final transactions were settled the S&P/ASX200 was down 321.2 points , or 4.19 per cent, to 7,346.6, while the broader All Ordinaries had given up 321.2 points, or 4.09 per cent, to 7,526.4.

It was the local bourse’s worst daily performance since March 2020, when declaration of the COVID-19 pandemic prompted panic-selling and major volatility.

All sectors closed deep into the red, led by a 6.7 per cent bloodbath in energy stocks, along with a more than 4.7 per cent losses in financials and materials.

The Australian dollar was buying 60.18 US cents, down 3.9 per cent since Friday afternoon’s 62.49 US cents, briefly losing the 60 US cent level for the first time since the 2020 pandemic declaration.