Losses on Australia's benchmark S&P/ ASX200 (ASX: XJO) share index are accelerating this afternoon as storm clouds gather in the eyes of some investors over the future of the Australian economy.
One serious issue is the accelerating falls in house prices across major capital cities like Melbourne and Sydney and the knock-on consequences double-digit house price falls might have for the broader economy.
Last week, Australia's GDP growth also came in weaker than expected, and global growth is also reportedly at risk due to tariffs being imposed as a result of the US / China trade dispute and ongoing problems in Europe around Italy's debt levels and the UK's brexit deal.
As a result the S&P/ ASX200 share index is now at 5,555 points, down 2.2% for the day and at levels last seen in December 2016.
Worse news is that some popular companies have tumbled more than 5% today, so let's take a look at some of the scoreboard damage.
The Platinum Asset Management Limited (ASX: PTM) share price is down 5.1% to $4.88 as the international equities manager's fate is strongly tied to the overall levels of equity markets. As they fall so can Platinum's funds under management and share price.
The BWX Limited (ASX: BWX) share price is down 7.7% to $2.77 as the Sukin natural beauty products retailer is sold by investors potentially worried about the outlook for household spending in Australia.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is down 6.3% to $43.32 today as investor confidence in its Australian and international growth plans falters.
The Lend Lease Group (ASX: LLC) share price is down 5.5% to a 52-week low of $11.51 today on the back of poor sentiment and as the engineering and construction giant continues to fall on the back of its November 9 warning that its Engineering & Services business was seeing financial underperformance.
The IOOF Holdings Limited (ASX: IFL) share price is down 7% to $4.28 and nearly 40% in two trading days as investors rush for the exits on news the prudential regulator APRA is seeking to have its CEO and chairman disqualified from working for regulated superannuation businesses.
The Appen Ltd (ASX: APX) share price is down 6% to $12.63 as investors dump high-growth technology shares out of fears they may turn out to be overvalued if Australia's economy falls into recession.
