ASX: Australian stocks close almost 3.6% down after global sell-off on inflation fears

Benchmark ASX200 index closes 246 points lower, after falling 360 points in the first 15 minutes of trading on Tuesday.

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Australian shares have joined a global retreat, ending almost 3.6% lower, as investors fear central banks will lift interest rates more aggressively, slashing economic growth and companies' profits.

The benchmark ASX200 share index of the top 200 companies lost just over 5.2% within the first quarter an hour of trading, or more than 360 points. The losses, though were pared by the end, with the market ending 246 points lower at 6,686. The Australian dollar also remained below 70 US cents.