Aussie market faces more losses
The Australian stock market is set for another slide as the battle against the coronavirus shuts down global economies.
The SPI200 futures contract was down 87 points, or 1.81 per cent, at 4708 points at 0700 AEDT on Monday, suggesting an almost two per cent fall for local shares when trade begins.
CommSec chief economist Craig James says the futures only give a sense of where investor sentiment was at on Saturday morning before that market closed.
"What happens from there, unfortunately, you'd have to say, is anyone's guess, because there is so much volatility in the markets," Mr James said.
"There's no signs of that volatility ending any time soon. The ride continues and the battle continues against COVID-19."
State and territory leaders and Prime Minister Scott Morrison have recommended against all non-essential domestic travel, following the unprecedented ban on international travel.
Most businesses are shutting down temporarily as state and territory borders close.
A multibillion-dollar package of support for business and households impacted by the coronavirus pandemic will be on the agenda for federal parliament on Monday.
The Morrison government will work with Labor to ensure laws to put cash in Australians' pockets and prop up businesses pass within days.
Bills will roll out two massive economic stimulus and safety net packages worth $17.6 billion and $66 billion respectively to stem the damage from a likely recession as a result of COVID-19.
The share market ended last week, its worst week since October 2008, with a modest daily gain.
The S&P/ASX200 ended up 0.7 per cent at 4,816.6, while the All Ordinaries index gained 0.93 per cent to 4,854.3.
One Australian dollar was buying 57.97 US cents at 0700 AEDT on Monday, down from 58.82 on Friday as the share market closed.
Originally published as Aussie market faces more losses