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Worst day since the GFC: in the Yahoo Finance morning wrap

Sorry about all the bad news this morning, everyone. (Images: Netflix, Getty)

Good morning.

Markets: Lower oil prices could mean we only pay $1 a litre for petrol soon, but it sent the stock markets into an absolute panic yesterday and overnight. Wall St sank 7 per cent overnight to follow the Australian market's 7.33 per cent loss on Monday, which was a $155 billion wipeout in value terms.

But hold onto your seats, because further losses are predicted today. SPI200 futures was down a whopping 4.97 per cent at 7am AEDT.

The Australian dollar was buying 65.94 US cents 7am AEDT this morning, up from 65.46 US cents at market close on Monday.

The Prime Minister may reveal the government's stimulus package today. Scott Morrison will address this week how his team will assist the economy as the coronavirus – and now the falling stock market – threatens to send Australia into a recession.

Circle May 31 on your calendar. This is, according to Yahoo Finance expert David Taylor, when we will find out whether Australia will sink into a recession.

You might want to watch Netflix after all this bad news. But the streaming service has scrapped the free 30-day trial in Australia. The company has promised other promo deals to entice new customers, but no one knows what these will be yet.

Should you reconsider your overseas trip? Experts have weighed in with what they think is the best way to go in a world gripped by the coronavirus outbreak

Good luck everyone.

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