China slows, ASX follows 🐢

Sell in May and go away. Well it’s not May just yet, but investors must want to get in early! The local market dived from the outset, spurred in part by the China-led rout yesterday. Energy and materials sunk from the open. It was the kind of day that no matter the corporate news, stock prices are down across the board. Bottom of the ladder is EML Payments after a “challenging” update, closed down a whopping 38%. In a sign of ‘baby out with the bathwater’ even market darlings Liontown Resources and Mineral Resources took a beating. The long-awaited CPI report is released tomorrow - will it bring the RBA out of hiding? In a day when the phone best be put down, the S&P/ASX200 shed 155 points, or 2.1%.

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