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US markets huge selloff overnight, with the S&P 500 falling 3.5%, and all sectors under pressure. Big tech stocks and the auto sector underwent deep decline. Oil, US bonds and the US dollar also declined. The selloff carried over to Australian stocks today, falling more than 2% at open. Gold remained a 'safe haven' climbing above US$3200 .

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Selloff resumes as investors lose faith in the US

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