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For no obvious reason, beyond the general environment of a significantly slowing global economy, the sharemarket has opened with a nasty swoon straight through the 4,000 level for the ASX200:
The pain is in both houses and holes:
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The dollar is following but not so fast, hovering above parity. The same has happened on the open in Korea.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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