It’s fair to say that it’s been a bad end to what’s been a lacklustre year for Australia’s ASX 200.
Over the past two sessions the index has lost 3.73%, the largest two-day percentage decline seen since September 23, 2011.
It’s capped off what’s been a disappointing, if not volatile, financial year. The chart below tells the story. After wallowing between gains and losses over the first two quarters, the index surged in the third quarter on the back of interest rate cuts from the RBA and additional monetary policy stimulus from both the ECB and China’s PBOC. However, having been up more than 10% just two months ago, the index slumped on the back of weakness in financial and consumer staples.
With one day of trade left the index has put on 0.50%, the smallest percentage gain for a financial year seen since 2011/12. Should the index sell off by more than 0.5% today, it will mark the first financial year decline since 2011/12.
The past quarter has been particularly poor, especially given recent history, and has wiped the vast majority of gains recorded in the previous two quarters. At present the index is staring at a quarterly loss of 7.96%, the largest percentage decline seen since Q3 2011.
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