A relatively calm night on Wall Street – well, calm for Trump world at least – means investors, analysts and brokers across the ASX can get back to solving the mystery that gripped Australia’s sharemarket: why did Commonwealth Bank stock surge 4.2 per cent on Tuesday?

Now, this is a stock that is beloved by Australian investors like few before it. Despite a growth outlook that is as weak as Donald Trump’s tariff arguments, it has surged a staggering 49 per cent in the past 12 months. That has enabled it to hit record high after record high and claim the title of the most expensive bank stock in the history of the world.