It seems that the Australian stock market is experiencing a black Friday today as the local shares tremendously dropped, which was considered as the steepest fall since 1987 collapse.
"There is a growing recognition that the financial and economic landscapes have changed significantly."
Today's plunge means about 14% of the market's value has been obliterated this week alone. Investors are showing few signs of confidence that the slew of rate cuts by central banks this week, including Australia's, and bank rescues will be enough to stem the rout.
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