S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are down 9.4% heading into the open in what has been a crazy week in financial markets due to the coronavirus or COVID19.
The S&P 500 Index (INDEXSP:.INX) closed at 2,480.64, −260.74 or down 9.51% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,201.80, −750.25 or down 9.43%.
Global markets commenced panic selling and nothing was able to stop it.
The Dow saw its biggest daily point drop ever, Trump issued a travel ban on many European countries, and sports leagues across the U.S. are suspending games indefinitely. ⚡️ The state of coronavirus today https://t.co/i28DNInwPq— CNBC (@CNBC) March 12, 2020
Gold and AUD smashed, oil loses ground
Gold is down 4.0% overnight trading at US$1,576 per ounce while Crude Oil WTI is down 6.0% to US$30.98 per barrel, back near the lows seen earlier this week.
The AUD is making new lows vs the USD, buying 62.8 US cents and making a new 10-year low of 62.2 US cents recently.
[REPORT] Morning - US sharemarkets slumped on Thursday remain disappointed about the absence of a stimulus plan. At the close, the Dow Jones index was down by 2353 points or 10% after being down 715 points at its best levels in the session. https://t.co/nZTEtgdTcm#ausbiz pic.twitter.com/mxKb0PpU63— CommSec (@CommSec) March 12, 2020