Australia markets closed

Global markets plunge, Australia set to follow

ASX set to plunge at open. Source: Getty

Good morning.

Here’s everything you need to know in finance today.

The ASX is expected to plunge at open today, after US shares tanked overnight.

Yesterday, Australian stocks experienced their worst loss in history, with the S&P/ASX200 finishing down a whopping 9.7 per cent, eclipsing their 8.3 per cent drop back on October 10, 2008.

The Aussie dollar was buying 61.24 US cents at 7am AEDT on Tuesday, up from Monday's 60.96 US cents, which was its lowest level against its US counterpart since 2003.

Wall Street dove at open, with the Dow Jones Industrial Average down 10.03 per cent at open.

US companies lost more than US$2 trillion in value in the first few minutes of trading, with Apple, Amazon and Microsoft losing a total of US$300 billion.

1 million unemployed? Economist Stephen Koukoulas has constructed three scenarios of what we can expect to happen to the economy as coronavirus takes its toll.

Retailers close shop: With the coronavirus outbreak escalating, more and more employers are telling staff to work from home - and some businesses are shutting shop entirely. Here are the retailers that have temporarily shut during the virus outbreak.

What do the best properties have in common? Property expert Michael Yardney writes that capital growth is the number one thing to look out for when buying an investment property - but you need to separate the wheat from the chaff sometimes.

Have a great day.

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