ASX suffers worst week since October 2020
The Australian share market has suffered its worst session in 10 weeks as traders reconsidered whether the US can tame inflation without tipping the world's largest economy into recession.
The S&P/ASX200 closed on Friday down 159.1 points, or 2.2 per cent, to 7,205.6, while the broader All Ordinaries fell 171.6 points, or 2.3 per cent, to 7,467.6.
For the week the ASX fell 3.1 per cent, its worst stretch since a 3.9 per cent loss for the week ending 30 October 2020. It was also the ASX's worst daily loss since a 3.0 per cent loss on February 24 of this year.
Every sector was down at least 1.9 per cent, except for consumer staples which were flat.
Sydney-based City Index analyst Tony Sycamore told AAP it was a day of "complete carnage".
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