Australian stocks are poised to slide when the market opens as the coronavirus spreads.
The SPI200 futures contract was down 40 points, or 0.63 per cent, at 6,334 at 0800 AEDT on Monday, pointing to a moderate fall when the local market opens.
But IG market analyst Kyle Rodda says that does not taken into account new coronavirus news, nor the Chinese economic data, received at the weekend.
“Italy, Iran and South Korea reported another spike in coronavirus cases, with several countries announcing an expanding travel blacklist,” he said.
“The first death from the disease was reported in the Unites States, and in Australia.
“And in what’s probably the most impactful news from a markets perspective, China released its latest PMI surveys, with the data showing business activity in the Chinese economy fell to an all-time low last month.”
The Australian dollar was buying 64.69 US cents at 0800 AEDT on Monday, down from 65.22 US cents as the market closed on Friday.