Bell Direct Market Analyst Jessica Amir says Monday “wasn’t a good day for the markets” in Australia as markets grapple with the biggest drop since 2008's Global Financial Crisis. More than $120 billion has been wiped from the value of Australian shares after coronavirus concerns plunged local markets to the lowest level since the GFC.
The ASX dropped by seven per cent in the worst day since the nadir of the GFC, while oil prices slumped by 30 per cent amid a dispute between Russia and Saudi Arabia. “All of the sectors were sold down today, energy of course the hardest hit,” Ms Amir told Sky News host Chris Kenny. “Coronavirus is definitely having a hit on global supply and it’s also causing demand concerns as well”. “We are expecting there to be a rise after coronavirus is contained,” she said.
Oh god! The government is grappling with the market and the Coronavirus. What if they don’t win the grapple?!?! Are we doomed because we have a completely useless government? Probably.