There’s not much left to say other than it was ugly. The largest percentage decline since May 2020, leaving the Australia’s blue chip index at the lowest level since January 2021. We’re now down 12.3% from the highs struck earlier this year. On a day when Australian benchmark 10-year bond yields jumped above 4% on speculation of faster and larger rate hikes, long duration sectors understandably struggled. Tech fell 4.5%, healthcare 2.6% while REITs fell 3.3%. Winners were few and far between. Only five managed to finish higher on the 200, the largest coming from Polynovo which increased 6.1% on the back of no news. The S&P/ASX 200 slumped 3.55%, losing 246 points to finish at 6686.

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