The US markets are just a microcosm of what is happening. Forget the US! Take gold for example ... gone ballistic! U$1530 per ounce, and Aussie gold shares barely register a heartbeat!
As a large international investor why would you throw $1 Australia's way with the huge political sovereign risk that Australia has now got courtesy of the mining tax? That will flow on through the sectors, weakening all other sectors as well.
The ASX will come good eventually, but Australia has itself to blame of cooking & eating the golden goose, the resource sector, that once made it the most resilient financial markets in the world!
