The Australian sharemarket is on the brink of a correction and investors are bracing for a long wait for calm to return to trading after US President Donald Trump’s aggressive policies unleashed panic, erasing billions of dollars from the ASX and Wall Street.
A sharp sell-off extended into cryptocurrencies as investors increased their exposure to safer assets like bonds on Tuesday, with the S&P/ASX 200 diving as much as 1.8 per cent to a seven-month low of 7818.3. While the index pared some of the losses in afternoon trading, the gauge still closed down 0.9 per cent to 7890.1, erasing around $25 billion in value.
