Investors sent the ASX tumbling on Monday ahead of an onslaught of economic data this week and turmoil over immigration and trade uncertainty in the United States.
There was broadbased selling with technology stocks weighing heaviest on the bourse. During a session of thinned Asian trading with Chinese markets closed, oil prices slid, meaning there was no support from resource heavyweights.
Traders said they will be relieved when more company news begins flowing through, rather than relying on global macro sentiment pushing the market in either direction.
“That clear air that markets rallied into between mid-December and early January, where news flow dried up, has now become turbulent and disturbed air – and people want none of it,” said Chris Conway, head of research at Australian Stock Report.
Investors are also positioning ahead of both the Bank of Japan and US Federal Reserve meetings this week and Chinese manufacturing data over the next few days, culminating in Friday’s US non-farm payrolls data.