The reality that central banks may not be able to deliver aggressive interest rate cuts has unleashed a sell-off in the hottest pockets of financial markets, where concerns are intensifying that valuations are far too stretched.
The S&P/ASX 200 Index sank 1.4 per cent on Friday to its lowest level since mid-July, in a broad sell-off which wiped $37 billion in market value. The benchmark posted a weekly decline of 1.5 per cent.
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