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Chris Weston, head of research at the online trading company Pepperstone in Melbourne, Australia, said there was “no doubt” the virus was going to have an impact on the world’s second biggest economy.
“The question is how dramatic the impact will be and what will be the ramifications on the global economy and demand in general,” he said a short time ago.
The economic and financial impacts of the virus are beginning to bite. After heavy losses on Asian, European and US losses on Monday, the Australian stock market – closed on Monday for the Australia day holiday – has suffered a 1.7% fall this morning. The Australian economy is heavily exposed to any economic disruption in China so the ASX200 index is a decent proxy to watch for how investors are reading the outbreak. The Aussie dollar is also used as a proxy for China and it has duly dipped to its lowest for nearly two months at US67.6c.
#ASX200 currently 1.71% lower as trade resumes after the Australia Day holiday. Trade heavy on the sell-side after selling picks up after coronavirus outbreak continued to intensify .#shares #coronavirus #asx pic.twitter.com/57ww26SgXq
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