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ASX bleeding money on global virus woes

·2-min read
Here's the latest market news. Source: Getty
Here's the latest market news. Source: Getty

The benchmark S&P/ASX200 (^AXJO) has finished down 1.76 per cent, after renewed business restrictions in the US weighed down investors.

The broader All Ordinaries index (^AORD) also finished down 1.83 per cent.

What happened this morning?

The benchmark S&P/ASX200 (^AXJO) is down 1.76 per cent at 10.16 AEST, following Wall Street’s slip overnight as several US states renewed lockdown restrictions to battle surging coronavirus cases.

The broader All Ordinaries index (^AORD) also went down 1.75 per cent.

All sectors were trading down, with energy recording the largest fall of 3.53 per cent on the back of falling oil prices.

Last week, the Australian share market fell 0.65 per cent, with increasing coronavirus cases both locally and offshore being the major catalyst.

One Australian dollar was buying 68.50 US cents at 0800 AEST, lower from 68.83 US cents at the close of trade on Friday.

What happened over the weekend?

Wall Street’s major indexes dipped more than 2.0 per cent as Texas and Florida ordered bars to close down again to tackle rising virus cases.

"You're seeing a pretty dramatic increase in cases," Kevin Grogan, managing director of investment strategy at Buckingham Strategic Wealth told AAP.

"If people start feeling again like it's not safe to eat out or go shopping, that could have a really negative impact on the stock market."

The share market tumble was also in part due to reports that said the US-China trade deal was at risk.

The Dow Jones Industrial Average fell 730.05 points, or 2.84 per cent, to 25,015.55, the S&P 500 lost 74.71 points, or 2.42 per cent, to 3,009.05 and the Nasdaq Composite dropped 259.78 points, or 2.59 per cent, to 9,757.22.

With AAP.

Yahoo Finance Breakfast Club episode 7.
Yahoo Finance Breakfast Club episode 7.

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