Australian shares are expected to start the day flat, despite bargain-hunting investors shrugging off coronavirus worries and driving a solid Wall Street recovery.
AUD: 66.9 US cents, 51.48 British pence, 60.48 Euro cents, 72.71 Japanese yen, $NZ1.035Europe: FTSE 100 +0.6pc at 7,326, DAX +0.5pc at 13,045, CAC +0.5pc at 5,833, Euro Stoxx 50 +0.6pc at 3,662By 8:05am , ASX futures were down 3 points.Meanwhile, the Australian dollar was steady at 66.9 US cents, which is near an 11-year low.
Brent crude fell sharply, down 4 per cent to $US54.35 per barrel, after falling for four straight weeks. "A large part of what we're seeing in the market today is bargain-hunting in anticipation of a return to stimulus from the Chinese Government." But the Shanghai Composite nonetheless plunged by 7.7 per cent yesterday — its first day of trading since China closed equity, currency and bond markets on January 23 for the Lunar New Year, a holiday that was extended because of coronavirus.
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