The #Australian #sharemarket #plunged almost 2% today, wiping $60bn of value from the market, leaving investors almost nowhere to hide.
The benchmark S&P/ASX 200 dropped below 8,450 points late in the afternoon, before settling at the 8,469 mark, down 1.94% today. It has now declined more than 4% over the last five trading sessions.
All sectors dropped sharply, including Australia’s mining and banking heavyweights such as BHP and the Commonwealth Bank.
Traditional safe-haven assets like #gold were sold off, as was #Bitcoin, leaving investors exposed.
Tony Sycamore, a market analyst at IG Australia, said the slide in Bitcoin to $US90,000 was the “canary in the risk coal mine”, a broad sign of growing investor fears. Bitcoin traded at above $US126,000 early last month.
The Australian market has taken its cue from #WallStreet, where there are lingering concerns the hot run by stocks tied to the #AI boom may have gone too far, too fast.
#Traders are also no longer confident the US Federal Reserve will deliver an anticipated cut in December amid rising #inflation concerns, the same dynamic that has dimmed hopes for further rate cuts in Australia.
Investors are waiting for important economic and earnings data out of the US this week, according to CBA analysts, with jobs data and earnings from #nvidia the tech stock that has led the AI charge, due to report.
Australia’s technology stocks have suffered some of the biggest falls on the local market, with shares in location-sharing app Life360 down almost 10% in a week.
#auspol #AIbubble
https://www.theguardian.com/australia-news/live/2025/nov/18/australia-news-live-victorian-liberal-leader-spill-libspill-coalition-nsw-brad-battin-mark-speakman-sussan-ley-killing-season-ntwnfb?CMP=share_btn_url&page=with%3Ablock-691c0fff8f08e6fa208d87f5#block-691c0fff8f08e6fa208d87f5