The ASX Got Smashed Today, $24 Billion Wiped Off

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Australia’s share market finished a horror day down 1.5%, with $24 billion knocked off the value of the ASX 200.

The local market opened after a bad session on Wall Street, which closed down more than 1%.

Unfortunately tomorrow could be more of the same, with another tough day predicted in the US, IG Market analyst Chris Weston told Fairfax.

“Two key near-term events which could see this support being tested will be JP Morgan starting the ball rolling on what many feel is the real beginning of Q4 earnings season.

“We also get to hear from regional Fed presidents Charles Plosser and Richard Fisher, who speak just prior to the close. Given they are both hawks (and voters this year), we could easily see US stocks headed lower again, with the prospect for better days for the USD if they give another hawkish assessment.”

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