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ASX 200 to fall over 4% after dismal closing on Wall Street
The Australian share market is expected to start the week on a muted note following an inflation-sparked rout in global equities. In addition, a fall in iron ore prices amid concerns of fresh COVID-19 outbreaks in China could further dent sentiment.
According to the latest SPI futures, the ASX 200 is poised to open massive 296 points or 4.3% lower on Tuesday. Last Friday, the benchmark index fell 1.25% to 6,932 points.
The global stock markets slipped on Monday sky-high inflation reading in the US triggered worries about even more aggressive policy tightening in a big week for central banks.
On Wall Street, the Dow Jones fell 2.8%, the S&P 500 dipped 3.9%, and the NASDAQ ended 4.7% lower. Monday's sell-off pushed the US S&P 500 index - which has dropped over 20% since a recent record close - into a bear market.