Australia markets closed

ASX to bounce back; private hospitals get new beds

Lone surfers at an empty Bondi beach after authorities banned people from gathering on it on March 22, 2020 in Sydney, Australia. (Photo by James D. Morgan/Getty Images)

Good morning. This is the Yahoo Finance morning wrap, bringing you what’s happening in Australia and beyond:

ASX: The Australian share market is tipped to bounce back after another day of wild swings that ultimately sent the bourse into the red.

The SPI200 futures contract was up 71 points, or 1.39 per cent, at 5,180.0 points at 0700 AEDT on Wednesday, suggesting strong early gains for local stocks in a volatile market.

For the month of March, the ASX200 closed down 21.2 per cent, and it finished out the quarter down 24.1 per cent in its worst quarterly decline ever.

Elsewhere, Wall Street suffered more losses overnight as the coronavirus pandemic continues to stoke economic fears.

AUD: The Australian dollar is buying 61.50 US cents, down from 61.99 US cents as the market closed on Tuesday.

It’s the 1st of April – April Fool’s Day. But countries around the world are warning people not to make coronavirus-related jokes, with some warning jail time.

Over 285,000 businesses have rushed in to claim the government’s $1,500 a fortnight per worker wage subsidy.

Speaking of the subsidy, is this the first hint of a universal basic income? Reporter Lucy Dean investigates.

The government has given Australia’s grounded export sector a $170 million boost by re-launching flights to deliver fresh produce to key global markets, including China, Japan, Hong Kong, Singapore and the United Arab Emirates.

Return flights will also allow for medical equipment and medicines to be imported.

A deal has been struck to guarantee extra hospital beds for private hospitals in exchange for them being available to deal with coronavirus patients. It means 34,000 extra hospital beds, SBS reports.

Bondi gets a new pop-up clinic to help reduce the spread of the coronavirus after clusters developed within Sydney's backpacker community.

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