Fund managers say the Australian sharemarket’s performance has been fuelled by monetary easing bets for much of 2024, and investors need to pay closer attention to the grim reality of a slowing economy on the cusp of the annual profit reporting season.

With shares poised for their worst two-day loss since September 2022 based on the 1.5 per cent fall implied by S&P/ASX 200 futures, the market’s record high reached on Thursday is drifting further out of reach.