Aussie stock market sheds $50 billion as investors spook on coronavirus fears

Investors are worried about the coronavirus outbreak – not because they are moral pundits wishing for world health – but because a disease pandemic means trade is restricted.Australia is currently one of the biggest exporters of iron ore and coal to China. It's estimated just shipping iron ore to China is worth $120 billion a year to Australian businesses.

World Health Organisation chief Tedros Adhanom Ghebreyesus said the spread was deeply concerning but it was not yet a pandemic. "Does this virus have pandemic potential? Absolutely, it has. Are we there yet? From our assessment, not yet", he said on Monday.

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