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The Australian stock market sinks more than 7% after the suspension of US flights


The announcement by US President Donald Trump of the suspension of all flights to Europe for 30 days Because of the spread of the coronavirus outbreak that the WHO has already declared a pandemic, it has caused a new bloodbath in the parks of the Asian continent. The Australian stock market, which had entered the bear market on Wednesday, was down 7.36% at the close on Thursday, while other indices, such as that of Thailand, were down 9%.

Investors have panicked again after the WHO has declared the COVID-19 outbreak as a pandemic and a new day of sharp falls on Wall Street. This Wednesday, the Dow Jones closed again with losses of 6%, which means that accumulates a 20% drop from the record recorded last month and the index is placed on the bear market.

The red stains the continent with cuts in the Nikkei of Japan (-4.41%) and the Hang Seng index of Hong Kong (-3.579%). In mainland China, the outlook is less dramatic, with the Shanghai Composite (-1.517%), and the Shenzhen Composite, with less capitalization (-2.196%), among the selective that lost the least. Elsewhere, the crash picture is repeated with the South Korean Kospi (-3.87%) giving up almost 4% and the Sensex of India 7%.

After the sharp falls, “we have not yet seen significant buying interest, so traders are still in exit mode. They just want cash, ”said Jackson Wong of Amber Hill Capital Ltd. in Hong Kong. "It is a classic 'panic mode'But whether it will stop in the short term will depend on how the virus progresses, "he adds.

In Japan, Prime Minister Shinzo Abe met with the central bank governor Haruhiko Kuroda, who promised to do everything possible to help support the economy, which contracted 7.1% in annual terms in the last quarter, before the arrival of the viral outbreak. Kuroda, in turn, promised that the central bank "will take appropriate measures as necessary."

In the currency market, the yen has appreciated more than 1% against the dollar and operates in the territory of the highs of three and a half years reached this week. Japan's currency is changing hands at a low of 103.83 yen, still far from the milestone of 101.10 yen per dollar on Monday.

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