ASX falls 1.9pc as global shares drop on higher rates

P/ASX 200 Index declined 1.9 per cent, or 125.5 points, on Friday to 6574.7; the All Ordinaries also lost 1.9 per cent, to 6788.7 points.

Afterpay’s parent, Block, dropped 8.9 per cent to $84.20. One Block security on the ASX is equivalent to one New York Stock Exchange-traded Block security, which fell 5.9 per cent to $US55.93.As central banks are dragged into the US Federal Reserve’s inflation war, interest rates are climbing around the world to defend currencies from extreme depreciation and to return inflation to target.

On Friday, November Brent crude futures were down just 0.6 per cent to $US89.88 a barrel, and West Texas Intermediate fell 0.7 per cent to $US82.93 a barrel.Advertisement Lithium stocks reversed a series of spectacular gains: Lake Resources fell 6.6 per cent to 99¢, Liontown Resources dropped 4.6 per cent to $1.57, and Pilbara Minerals declined 1.8 per cent to $4.85.

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