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1.Market Observations

8 Feb 2020 (AFR) – ASX fails to shake coronavirus fears

(8 February 2020, AFR, p33, William McInnes, Reporter)

Stock market, S&P/ASX 200 (XJO) index, past five days (AFR)

Stock market, S&P/ASX 200 (XJO) index, past five days (AFR)

‘Easing concerns over the economic impact of the coronavirus weren’t enough to lift local shares from a heavy sell-off earlier in the week, as the Australian sharemarket ended the week flat. The S&P/ASX 200 Index rose just 5.4 points, or 0.1 per cent, to 7022.6 this week, clawing its way back from a 1.3 per cent drop on Monday as the market worked to quantify the damage the coronavirus would have on the global economy. Earlier in the week economists were predicting the coronavirus was likely to weigh on Australia’s economic growth in the first half of 2020, with the added damage of the bushfires meaning a negative first quarter of growth couldn’t be ruled out. Sentiment improved through the middle of the week however, as China pumped more stimulus into the economy and reports emerged that scientists had developed a cure the for the virus which has so far claimed the lives of more than 600 people.’

Read more at AFR.com (might need AFR login access)

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