Australia’s stock market sank 2% after Wall Street’s lowest

After Wall Street hit a new low for the year, the Australian stock market fell 2% in the first hour of trading.

Within the first 50 minutes of trading on Monday, the benchmark S&P/ASX200 index of the Australian Securities Exchange fell 1.93 percent to 6,448.10 points.

With New York’s benchmark Dow Jones Industrial Average concluding 1.6% down after setting a new low for 20,000 and falling below the 30,000 threshold for the first time since June, the dip represented Wall Street’s collapse.

Concerns about rising interest rates and worldwide inflation from the US Federal Reserve.