Walking past the ASX on Bridge Street, Sydney, on Monday afternoon, I noticed there was a TV crew filming inside.
Having worked in and around that building for years, I recalled that the only time you see that happen is when Australian stocks are getting hosed.
The market tumbled 2.24% in the end, its largest one-day percentage decline since the UK Brexit vote in late June. It also left the index down 1.44% year to date, the first time that’s been negative since July 8.
But it could have been worse.
It was only the fourth largest decline of the year. After a period of low volatility, it probably feels a whole lot worse.
Now markets are waiting for what comes next. Will Tuesday bring another rout, or a swift rebound?
After the three larger routs earlier this year, the index gained the next session on two occasions. Many will be hoping that will become three-from-four by this time tomorrow.
A slew of speeches from US Federal Reserve officials this evening, especially from Lael Brainard, a voter on the Fed’s FOMC, will likely determine whether or not that eventuates.
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