Treasury Wine Estates plummeted -11% on Friday after Beijing said it would impose tariffs of 107–212% on Australian wine imports after alleging dumping into the Chinese market.
Global markets surged overnight (S&P 500 Index +2.3%) after Pfizer revealed its COVID-19 vaccine has been 90% effective against the dominant virus strains circulating currently.
The backdrop of a second wave of COVID-19 and fresh lockdowns in Europe and now the UK, mixed earnings from big technology companies and this week's Presidential election has investors on the side-lines.
While large, we would put the overnight moves in context - markets are generally still in positive territory for the month and it is very early to panic. There is likely to be continued volatility as we head into the US election in a weeks time.
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