The Start of a new Financial Crisis?

4:27pm - Australians shares plunged to their worst performance in eight months on Thursday, wiping $49.6 billion from the boards as markets sold off worldwide.

The S&P/ASX 200 index closed 166 points, or 2.7 per cent,lower at 5883.8 while the broader All Ordinaries fell 170.4 points to 5993.4 following a poor session on Wall Street.

12:02pm - Australia shares have recovered ever so slightly through the morning session but remain more than 100 points lower.

The S&P/ASX 200 index is down 106.6 points, or 1.8 per cent, at 5,943.2.

11:44am - While it may be too early to say whether this is the start of a new financial crisis, it's something that people may be pondering.

11:22am - The Australian technology stocks have led the S&P/ASX 200 Index to heavy losses in early trading, sending the market more than 2 per cent lower after Wall Street's digital giants slumped overnight.

The benchmark fell by 124 points, or 2.05 per cent, to 5925.60 on Thursday. It earlier dropped to 5918.3, the lowest in almost six months.

11:05am - Gloabl markets have also seen a plunge with the fortunes of the world's 500 wealthiest people cut. Amazon founder, Jeff Bezos, lost $12.9 billion, the most of anyone on the index, as shares of the online retailer fell the most in more than two years. The plunge lowered Bezos's net worth to $US145.2 billion, its lowest since July.

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