Australia markets closed

ASX finished the week in the red

The ASX is off to a rough start on Friday. Images: Getty

The benchmark S&P/ASX200 (^AXJO) has finished 1.89 per cent higher after a turbulent day of trade, bringing it to 5,847.80 points.

The broader All Ordinaries index (^AORD) also finished lower, down 1.97 per cent to 5,959.90 points.

The result ends six weeks of gains, taking it down 2.5 per cent since the close last Friday.

Prime Minister Scott Morrison announced increased freedoms on Friday, allowing people into stadiums, weddings, funerals, pubs and restaurants. The 100-person cap on indoor venues will be scrapped.

What happened at midday?

The ASX200 repaired some of its gains in midday trade but remains in a world of pain, down 2.01 per cent to 5,841.00 points at 12:07pm AEST.

The All Ordinaries was having a worse time of it, down 2.14 per cent, although recovering from lows seen earlier this morning.

The energy sector has been the hardest hit this morning as oil prices continue to beat a retreat, leaving Santos, Woodside Petroleum, Worley and Origin Energy all reeling.

Westpac has also been told to prepare for allegations of additional anti-money laundering breaches.

In a statement, the bank said AUSTRAC has asked for more information on 272 transactions.

What happened this morning?

The ASX200 haemorrhaged 2.69 per cent at the open on Friday after Wall Street plummeted over fresh fears of a rise in coronavirus deaths. 

It was at 5,800.30 points at 10:24 am AEST.

The All Ordinaries also shed 2,78 per cent to 5,910.20 points. 

It came after Thursday ended seven consecutive days of gains, with the ASX200 finishing 3.05 per cent lower.

What happened overnight?

Wall Street plunged on Thursday US time as a leading health expert warned US deaths could hit 200,000 by September due to the premature reopening of the country. 

The Federal Reserve also sunk hopeson Wednesday, warning of a “long road” to recovery. 

The Dow Jones Industrial Average fell 1,861.82 points, or 6.9 per cent, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89 per cent, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27 per cent, to 9,492.73.

With AAP.

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