The benchmark ASX 200 index closed 2.9 per cent lower at 6,408, a stunning retreat from its record high reached on July 30. It was the worst one-day fall for the benchmark index since February 2018, narrowly eclipsing a 2.83 per cent decline last October. The broader All Ordinaries index dropped by 2.8 per cent to 6,491, with companies on that index collectively shedding about $60 billion in market value today. It came after Wall Street suffered its worst one-day fall of 2019 on heightened fears of a United States recession, triggering a sell-off across global markets. The likelihood of the US falling into recession next year is "growing"
