The ASX is selling off in above average volume today, what is driving the move
The ASX is selling off in above average volume today, what is driving the move? I reached out to a dealer at a local fund manager to get his take. I suggested that it was possibly offshore money looking to make an exit. Here is what he had to say; A lot of that has already happened, as everyone has been calling the AUD lower for some time. It is more the risk of increasing bond rates in the USA causing selling in yield names ie Banks, TLS etc. The other interesting trade is the yield funds selling stocks once they go ex dividend. Stocks are losing much more than their div and franking ie SKE ex yesterday $0.095 down $0.21 yesterday and another $0.07 today currently. IRE ex $0.16 on the 11th down $0.32 on the day and down another $0.12 in the 3 days following.