Only 13 days into January, the ASX’s big risk for the year has emerged: American exceptionalism. Investors, economists, sell-side strategists are all talking about it. The ASX had its worst day this year.

In the markets bubble, American exceptionalism is the idea that the United States – the economy, its markets – is more outstanding than the rest of the world; that Americans’ entrepreneurial spirit is so ingrained that it leads to productivity gains, economic growth and prosperity that other countries cannot match.