Indices: Australian ASX 200
The ASX200 only closed down -0.3% yesterday after recovering well over 80% of the losses registered at lunchtime – it picked the US market well again.
The ASX200 had a bad day at the office yesterday underperforming most global indices as nerves appeared to flicker across investors headlights – the local indexes largest decline in April unfolded courtesy of some broad based selling which saw over 65% of stocks fall while on the sector level only the Telcos closed in positive territory. Our preferred scenario is the local market ultimately tests its 2021 low in the 6500 area but a 7-8% fall still feels a big ask in today’s market.
