$100 billion has been wiped off the S&P/ASX 200 in a single session and there are fears the losses will continue. It's the second consecutive sell-off, with losses were spread across all sectors, but technology, financial, energy and real estate stocks were hardest hit. Bitcoin also plunged. Wilson Asset Management's Lead Portfolio Manager, Matthew Haupt, says there are two reasons spooking investors. The first is the Bank of Japan's decision to lift the cash rate from artificially low levels, which has hit the carry trade. That's a strategy where investors borrow a low-interest rate currency for investment elsewhere. The second reason for the global sell-off is based on fears of a US recession on the back of recent soft jobs and manufacturing data. Matthew Haupt expects losses will continue as investors pursue liquidity over leveraged investments. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-08-05/asx-markets-business-news-live-updates/104182912 ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on X (Twitter): http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia