CommSec’s Tom Piotrowski claims the Wall Street featured declines overnight amid concerns that the American economy could plunge into recession.
“At the end of last week, there was a brief reprieve from the selling, and the question arose as to whether or not this might be the first glimpse of a consolidation,” he told Sky News Australia.
“But that all turned to nothing over the first hours of the session, where we saw sellers return from the weekend invigorated and pushing US stocks to their lowest levels in six months.
“That euphoria in the months following the US election around a pro-growth, low tax environment has now turned to concern as to whether or not the US economy will crash into a recession.”
Presented by CommSec.