Australian stocks have plunged more than two per cent at the open after fears about a coronavirus pandemic sparked a major sell-off on global markets
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Fears about the extent of the spread of COVID-19 in South Korea, Iran and Europe, and numerous other countries, then drove a major fallout in markets overnight.World Health Organisation chief Tedros Adhanom Ghebreyesus said the spread was deeply concerning but it was not yet a pandemic.For now, it was not an uncontained global spread with large-scale severe disease or deaths, he said.
The oil price tumbled nearly 4.0 per cent as investors rushed to dump shares and growth assets and park their money in gold, the go-to metal in times of financial concern.
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