On Tuesday, the S&P/ASX 200 suffered its biggest one-day loss in five months. On Tuesday, the US dollar also suffered its biggest loss in five months.
While it's very easy to backsolve narratives to suit a story, in my mind the S&P/ASX 200 fall on Tuesday had absolutely nothing to do with machinations in Canberra, and everything to do with the fall in the world’s reserve currency.
To link Malcolm Turnbull's leadership troubles to a fall in the S&P/ASX 200 would make the assumption the S&P/ASX 200 has rallied because of Malcolm Turnbull. I don’t think that has been the case at all.