Australia stocks drop about 3% as second quarter continues its rocky start for markets

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Stocks in Asia were set to trade lower at the open on Thursday as markets globally continue their rocky start to the second quarter.

fell about 2.97% in early trade as almost all the sectors saw losses. The heavily-weighted financial subindex dropped about 4.9% as shares of the country's major banks sold off.

Meanwhile, futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 17,920 while its counterpart in Osaka was at 17,600. That compared against theConcerns over the economic impact of the global coronavirus pandemic, which has roiled markets in recent weeks, continue to weigh on investor sentiment.

So far, more than 932,000 people have been infected worldwide while at least 42,000 lives have been taken by the virus, according to data compiled by John Hopkins University.

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