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Aussie stocks jump on opening a day after $160 billion bloodbath

Published: (Updated: ) in Australian News by .

The ASX 200 has lifted sharply upon opening in what investors are predicting will be a rollercoaster day on the local bourse.

The Aussie share market has opened in the green after suffering through one of the worst-ever days in living memory yesterday, dropping more than $160 billion.

The benchmark S&P/ASX 200 this morning opened more than 1 per cent higher led by strong buys for mining and materials stocks.

As of 10.20am AEDT the market had gained 80 points, up 1.6 per cent – including Qantas, who this morning announced widespread cuts to its international capacity and the grounding of more than 150 aircraft.

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Most investment firms predict that despite this morning's uptick, today will herald another day of heavy losses as investors shy away from an increasingly closed-door economy.

Politically, Australia is set to receive a second stimulus package ahead of an extraordinary RBA meeting this Thursday.

Finance Minister Mathias Cormann has signalled an unprecedented economic stimulus package to fight the devastating impact of the coronavirus pandemic.

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The Morrison government is considering a second round of measures to add to its $17.6 billion economic boost announced last week.

Tourism Minister Simon Birmingham said one in 13 jobs relied on tourism and hospitality.

"Those businesses and those jobs are all on the line right now," he told Sky News.

The initial package targeted relief for small and medium businesses, along with cash payments to people on welfare.

The government intends to pass both tranches of its support package when parliament sits next week.

Source: 9News

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