Aussie market sheds $120 billion as coronavirus fears spook investors
Australian shares have tanked nearly two per cent following big falls on US equity markets after a warning for Americans to prepare for the coronavirus.
The fall brings the losses suffered by the local market to almost $120 billion.
The benchmark S&P/ASX200 index was down 131.9 points, or 1.92 per cent, at 6734.7 at 1015 AEDT while the broader All Ordinaries index was down 132.2 points, or 1.9 per cent, at 6,821.6.
The ASX plunged almost 2 percent, extending the week's losses to around $120 billion. AAP
Local stocks lost $37.8 billion in value on Tuesday in the Australian share market's second worst day of 2020, following Monday's 2.25 per cent plunge.
US markets tanked overnight as the US Centres for Disease Control and Prevention said Americans should begin to prepare for community spread of the new coronavirus.
The statement said an outbreak of COVID-19 was a matter of "not if, but when" and warned of disruption to social and sporting events, as well as economic activity.
(L-R) Australian Health Minister Greg Hunt, Australian Prime Minister Scott Morrison, Australian Federal Treasurer Josh Frydenberg Australia's Chief Medical Officer Professor Brendan Murphy speak to the media during a press conference at Parliament House in Canberra, Tuesday, February 25, 2020. AAP
Oil prices also continued their fall on fears of a demand hit from the flu-like virus that has infected more than 80,000 people.
In local news today, Virgin, Nine, Woolworths and Vodafone-Hutchison are reporting their results.
The Australian dollar was buying 66.01 US cents at 1015 AEDT on Wednesday, down from 66.12 US cents on Tuesday.
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