The Australian share market has plunged 3.59 per cent, continuing panic selling that smashed global equities markets overnight.The broader All Ordinaries index was down 208.8 points to 5,613.6 amid a sea of red.The local stock market suffered its worst single day loss in nearly a dozen years on Monday.
The wider market shed about $155 billion in value as the S&P/ASX200 index plunged 7.33 per cent to a two-year low of 5,760.6.Coronavirus fears and the steepest fall in oil prices since the 1991 Gulf War have sent markets around the world into a tailspin, prompting analysts to dub yesterday"Black Monday".
Major US indices fell more than seven per cent - with the Dow Jones finishing more than 2,000 points lower in its worst session since 2008 - following a 15-minute halt to trading early in the session triggered by a plunge.European stock markets slumped dramatically, after a downturn in Asia, with indexes in London, Paris and Frankfurt falling by seven per cent or more.
It comes as top oil exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts. There have been more than 114,000 cases of coronavirus worldwide, resulting in at least 4,000 deaths.
Dead Cat Bounce now in progress.
time to buy ?
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Aussie shares brace for ‘horrific’ falls as coronavirus fears escalateThe Aussie market had its worst day since the Global Financial Crisis, haemorrhaging “horrific” losses after a crude oil price plunge and escalation of the coronavirus stifled international economic growth. Fears escalated by the very media posting fear mongering click bait headlines to push advertising revenue. The irony huh?
Source: newscomauHQ - 🏆 9. / 77 Read more »
Oil price war hits global markets hard | Sky News AustraliaGlobal markets suffered heavy losses as the impact of the coronavirus hit share prices off the back of a crude oil price war.\n\nInvestors nervous about the economic impact of the COVID-19 outbreak continued an aggressive sell-off dumping shares as Saudi Arabia escalated an oil-price war with Russia by refusing to scale-back output despite falling demand.\n\nThere was a 15-minute trading halt on Wall Street on Monday as the Dow Jones plunged 7 per cent at the opening bell.\n\nIn Australia, the ASX is expected to plunge at this morning's open after Australian shares bled more than $140 billion on Monday.\n\nThe benchmark ASX200 closed down more than 7 per cent to a 14-month low.\n\nPrime Minister Scott Morrison will today warn the impact of coronavirus is 'potentially greater' than the Global Financial Crisis in his stimulus package speech.\n\nBell Direct Market Analyst Jessica Amir told Sky News investor confidence wouldn't be restored until a vaccine hit the market.\n\nImage: AP\n\n 10 March Donald J. Trump So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that! Keep an eye on Caltex and Newcrest!...Australia first!..and the Finnish line was still the same!
Source: SkyNewsAust - 🏆 7. / 78 Read more »