its just cash

It is just people going to cash, on macro fears or expectations.

Why not, lots of people, me included, just watched transfixed, kind of mesmerised during the GFC as everything fell off a cliff and didn't bounce, but tumbled down a slope at the bottom of the cliff we fell off.

This is a more orderly retreat, but a big call to expect confidence to suddenly return any time soon.

Seems to make it inescapable logic that the results (which many have previously claimed will be the only upward drivers) really are the only upward drivers, there being no chance of sentiment driving it, so a bit of a wait seems on the cards.