COVID-19 fears cause stock market to shed $100 billion in early trade | ABC News скачать в хорошем качестве

COVID-19 fears cause stock market to shed $100 billion in early trade | ABC News

The Australian stock market has shed $100 billion to start the new week amid coronavirus fears. The ASX opened 7.12 per cent down but bounced back slightly to 5 per cent down by 11:25am (AEDT). Travel-related companies were sharply lower following the announcement of forced self-isolation for all people entering Australia from overseas. A handful of stocks are in positive territory, including supermarket giants Coles and Woolworths, which have faced a surge in demand as the coronavirus outbreak escalates, prompting Woolworths to introduce a priority shopping hour for concession card holders. The market fall came after the US Federal Reserve slashed interest rates by a full percentage point in a bid to help the economy withstand the impact of the coronavirus pandemic. The move puts the benchmark US interest rate in a range of 0 to 0.25 per cent, effectively lowering it to zero. The Australian dollar fell to 62.47 US cents after the announcement, which was the second emergency rate cut this month. Read more here: https://www.abc.net.au/news/2020-03-1... For more from ABC News, click here: https://ab.co/2kxYCZY You can watch more ABC News content on iview: https://ab.co/2OB7Mk1 Subscribe to us on YouTube: http://ab.co/1svxLVE Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 You can also like us on Facebook:   / abcnews.au   Or follow us on Instagram:   / abcnews_au   Or even on Twitter:   / abcnews