The seeds of this blow-off stretch back beyond Donald Trump. It’s Commonwealth Bank at $160, Pro Medicus soaring to the moon and momentum crushing markets.
Mayhem Monday is a day investors will remember for years.
The way investors had the weekend to stew on it.
The way investors stood back and let the market tank 6.9 per cent in the first hour.
The way the ASX was out in front of the world, a test case for everything Donald Trump, tariffs, US jobs and Federal Reserve that streamed in over the weekend.
And the way the investors started nibbling just before lunch, to take a little bit of steam out of the sell-off. The market finished down 4.2 per cent, wiping nearly $100 billion off Australian shares, and burying a rich era of gains for Australian equities investors.
Source: https://www.afr.com/chanticleer/mayhem-ends-the-asx-s-era-of-effortless-momentum-20250407-p5lptx