To me there looks like a risk off trend happening at the moment...

To me there looks like a risk off trend happening at the moment too with US and Aussie treasury bonds being sold off too so that will put a dampener on high growth stocks with unclear valuations.

While treasury bonds are a defensive asset and them being sold off would indicate a more bullish sentiment, the flip-side is that money flows back to them chasing safety that is paying a higher yield. Equilibrium in action again!