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AAP
AAP
Business
Adrian Black

Almost $60b wiped from ASX in bond-linked bloodbath

United States Australia Dan Himbrechts
Australia's stock market has had its worst session in months, as bond market jitters weigh. (Dan Himbrechts/AAP PHOTOS)

Australia's share market has erased almost $60 billion in value in a day as soaring bond yields foreshadow higher global borrowing costs, hammering cyclical stocks.

The S&P/ASX200 tumbled 174.9 points on Thursday, down 1.99 per cent, to 8,614.4, as the broader All Ordinaries lost 174.8 points, or 1.95 per cent, to 8,794.4.

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