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It is not news to note how far behind US stocks the ASX has been since the start of the pandemic:
This has mostly been driven by the rise of tech. Though Australia made a brief comeback after the Ukraine War triggered wild upside in commodity prices and an inflation panic to squash global tech.
However, in recent months, Australia has again been falling heavily behind as the theme de jour shifted to artificial intelligence. The ASX has little of either.
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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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