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Australian stocks tumbled 2.8% to a 10-month low

Source: xkb.com.au
[Economic News]     07 Mar 2020
The new crown pneumonia epidemic panic is turning into a wave of shocks in global stock markets. The panic and shocks caused by the new crown pneumonia epidemic continue to hit global financial markets, and Australian stocks fell again after opening today (Friday). Australian stocks fell more than 1.4 per cent this morning after a crash in the U.S. and Europe overnight, and afternoon losses widene...

A new crown pneumonia epidemic panic is turning into a wave of shocks in global stock markets


Australia`s stock market fell again after opening today (Friday) as panic and shocks from the outbreak continued to hit global financial markets.

Australian stocks fell more than 1.4 per cent this morning after a crash in the U.S. and Europe overnight, and afternoon losses widened to more than 2 per cent. Analysts worry that global stocks could fall to their lowest point since last week`s trillion-dollar losses.

Today, the worst hit for local stocks is bank stocks, with three of the four biggest banks falling at intraday lows of up to years.

Bank stock index dropped 4.2%, of which National Bank (NAB) plummeted 5.5% to 22 yuan. Bank of Western Pacific (Westpac) plunged 4% to a low of 21.35 yuan. ANZ (ANZ) plunged 4.7% to 22.14 yuan. Both fell to their lowest levels in 2012. Federal banks (CBA), though smaller than the top three big banks, fell 3.7% to $73.93 to their lowest level since May 2019.

Benchmark S & P/ A 200(S&P/ASX200) today closed down 179.5, or 2.8%, to 6,216.2, its lowest level since May 14. The Australian Composite Index fell by 184.9, with losses of 2.86%, at 6287.5.

The Australian dollar fell from 66.28 cents to 65.98 cents on the local currency market.

Asia-Pacific stocks continued to sell after international credit-rating agency Standard & Poor`s (S/P) pointed out that Australia and Hong Kong, Japan, South Korea and Thailand "enter or be on the verge of recession ", according to the Australian Financial Review.

Stock markets at home and abroad have tumbled in the panic of the recent worsening of the new-crowned pneumonia epidemic, and the central bank and the fed announced interest-rate cuts this week to stimulate stimulus, which did not stop the fall, raising more questions panic, investors as to whether the fed and australian stocks saw what many ordinary shareholders did not know.

Yet Burman the chief investment officer of securities firms Julia Lee said it was important for shareholders to remember that stock market shocks were fairly normal.

"From what we`ve seen in the past, it`s an opportunity for long-term investors to stay calm ," she told Australian News Corp. website (news.com.au). "

"The problem is, however, we don`t know how long it will last. "

"My personal view is that, at best, some good news will begin in April this year. "

"A fall of more than 2 per cent on a trading day is quite panic, but quite normal. "

"Looking back at the Australian stock market over the past 11 years, on average, seven times a year have fallen by more than 2 per cent a day. "

"After starting to fall six to eight weeks, my strategy is to start buying slowly. "

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