Australia markets closed

Yahoo Finance's morning wrap for Friday

Disneyland is closed. Image: Getty

Good morning.

Disneyland closed, Trudeau in quarantine: After sending Tom Hanks into quarantine and suspending the NBA, coronavirus has now forced Disneyland California to close its gates. Canadian Prime Minister Justin Trudeau has also entered quarantine, while there are growing reports this weekend’s Formula One will be postponed

Dow Jones loses 10%: The Dow has plummeted an incredible 10 per cent overnight, its worst tumble since the 1987 ‘Black Monday’ market crash, taking US stocks into a bear market. The slide comes as alarm over coronavirus, or Covid-19, grows, triggering panic selling. 

ASX to topple at open: Looking locally, Australian stocks are set for another difficult day following last night’s global rout, brought on by US President Donald Trump’s Europe travel ban. The SPI200 futures contract was down 7.24 per cent at 0700 AEDT on Friday, suggesting the local bourse will shed around seven per cent at opening.

Stimulus: The government announced its $17.6 billion stimulus package on Thursday. Here’s everything you need to know about it

Casual workers: The package includes a promise that casual workers required to enter quarantine will be able to access Newstart payments. But unions and social welfare groups are convinced this is not enough to keep casual workers, and the community, safe. 

Woolworths, Telstra: While the government cops criticism for its response to the casual worker challenge, large employers Woolworths and Telstra have stepped up, promising to pay casual staff should they need to self-isolate. 

Robots: As automation and artificial intelligence technology gather pace, Australian workers can expect huge changes to the way they work. One of the outcomes? We won’t really need paper any more. 

World’s oldest company: And the world’s oldest company has been running since 578AD. Do you know what it does? 

Have a great day!

With AAP.

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