ASX to open lower in 4th day of turbulence

▤ Summary

Prime Minister Scott Morrison has moved to get ahead of the coronavirus outbreak being declared a global pandemic and has activated the governments emergency response plan. The declaration triggered goverment preparations for a more severe virus outbreak and planning to shore up medical stockpiles, supply chains and health resources. The health crisis was generating "very significant economic implications" and the government was also working on stimulus measures that would be "targeted, modest and scaleable". Mr Morrison said there was "every indication" based on expert medical advice that the world would soon enter a pandemic phase, as the virus has now spread to 42 countries. While the decision was made to keep the China travel ban in place for at least another week, it was deemed impractical to impose travel bans on other places, including Europe.

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