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Coronavirus latest updates: US stocks suffer biggest one-day fall, Australian market dives - MW


A brief summary of the devastation of the financial markets.

Graeme Wearden reported that the financial markets have suffered heavy losses as a result of the escalating coronavirus crisis - threatening to cause major economic disruption.

The Brother FTSE 100 fell 3.5%, 10% more than the recent peak. This index lost 8%, which equates to 152 billion pounds, this week alone.

There have been equally significant losses in Europe, where stocks have been attacked by new cases of Covid-19 - including in Italy - and a warning from the President of France America that an epidemic may have been closed.

Wall Street also had another tumultuous day, with the Dow Jones suffering the worst points in its history, down 1.20 points. New losses are expected on Friday.

Traders are very interested in the impact of many cases in the United States, with California revealing that they are monitoring 8,400 people.

Goldman Sachs, warning that US corporate earnings growth could be wiped out also creates a shadow ... while Bank of America lowers its growth forecast to its lowest level in 11 years.

There is also concern that the virus may even push the eurozone into recession.

Sector update - ouch:
Financials 5889 -3.38%
Energy 9418 -3.67%
Materials 12490 -3.9%
Industrials 6489 -2.74%
Cons. Discr 2540 -2.9%
Cons. Staple 12275 -2.54%
Health Care 44207 -1.81%
Comms 1204 -2.95%
Info Tech 1294 -4.24%
Utilities 7716 -2.47%


In Australia, Ben Butler reports: Fear of the coronavirus caused the Australian market to drop on Thursday, with the standard ASX200 index dropping nearly 3.2% just after the opening bell.

Retailer Harvey Norman, who experienced minor falls this week, finally succumbed to sales pressure after announcing his half-yearly results this morning.

Within half an hour of the opening bell, its stock fell 7.9%, the third largest decline among ASX200 stocks.

The company blamed the widespread wildfires and associated severe air quality losses that affected many communities, which had skipped the peak Christmas shopping season due to declining profits 4., 1% for the semester at the end of December compared to the same period last year.

The company bought it now, the post-payment, which is a nice thing on the market, was the biggest loser in the first trade, plunging 9.4%.

Inventories also fell sharply, exposed to the Chinese market or international travel, both disrupted by the virus crisis.

The online flight booking website Webjet and the travel agency Travel Centers both fell by more than 4%, the national airline Qantas fell by 3% and Air New Zealand, listed on the Australian stock exchange, but was not among the number of ASX200, also decreased by 3%.

Andrew Hui Twiggy FortesTHER Japanese Forrest Ores is also punished, exporting iron ore to China. Its stock fell by almost 5.8%.

MW

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