$50 Billion wiped off the Australian Stock Market

• The ASX 200 got torched on Friday to the tune of more than $50 billion after stagflation concerns triggered a Wall St and ensured all sectors of the local market finished the week lower.
• The ASX 200 closed 2.2% lower, down 159 points to 7205.6, with the tech sector down 4.5 per cent led by Xero’s 9 per cent drop. The property sector finished the week 8 per cent lower with the prospect of higher interest rates diminishing the yield appeal of groups like Goodman, Scentre and Dexus which were all lower on Friday.

www.theage.com.au/business/markets/asx-to-open-sharply-lower-after-wall-st-rout-20220505-p5aixj.html