Australian share market loses $60 billion

Finishing the day 4% lower than it started, $60 billion has been wiped off the value of Australian shares in what is the worst one-day drop since the global financial crisis.

The fall was also compounded by the Asian markets, with Shanghai’s losing 11.5% last week alone, falling a further 8% today.

These statistics follow a difficult time on Wall Street last week when the Dow Jones Industrial Average lost more than 1000 points.

Following worries for China’s economy due to the downgrading of the yuan and the crisis in Greece ever-continuing, US oil prices followed the shaky pattern, dropping below $40 for the first time in 6 years.