Australian shares smashed as US recession fears engulf market

Australian shares have dived more than five percent on fears that aggressive interest rate rises will force an recession in the United States. 

Banks, miners and technology stocks were swallowed in the sharemarket rout with Block plunging 18 percent. 

Market analyst Michael McCarthy, chief strategy officer at Tiger Broking, warns investors to brace for more ugly falls.

Here's my report on The World Today