Coronavirus has inflicted its first big hit on Australian markets and the government has not ruled out further travel restrictions
Coronavirus has inflicted its first big hit on Australian markets, wiping almost $50 billion off the local stock exchange as the spread of the virus to South Korea and Japan shattered confidence the flu-like disease would be contained to China.. The comments set off a reaction that would see markets in Hong Kong and South Korea fall and the Australian dollar drop below the US66 cent mark, its lowest point since the depths of the global financial crisis in 2009.
Medical workers wearing protective gear move a patient suspected of contracting the virus transfer him to hospital.In a sign the contagion was spreading beyond China, Air New Zealand became the first major carrier to stop flights to Seoul on Monday, while Australia raised its travel advice for both South Korea and Japan and urged travellers to "exercise a high degree of caution due to the heightened risk of sustained local transmission of coronavirus".
As of Monday afternoon, there have been 78,985 cases of the virus worldwide, with 2469 deaths. More than 23,300 people have recovered.The ASX200 shed 2.3 per cent in value to finish at 6978.3. The biggest fall was for Reliance Worldwide which suffered a 26 per cent fall in its share price. The plumbing and heating company reported supply problems out of China, noting the re-starting of factories of parts suppliers had been slower than expected.
The International Monetary Fund believes the virus outbreak will have a measurable impact on China's economy through the first three months of the year. The flow on effects are likely to hit the May federal budget, as the Morrison government plays down expectations of a surplus it had promised to deliver this time last year.
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