[SYDNEY] Australian shares closed marginally lower on Wednesday, with the heavyweight financial sector leading losses, as market participants fretted over the impending economic fallout from the coronavirus pandemic. Read more at The Business Times.
The S&P/ASX 200 index settled about 0.9 per cent lower at 5,206.90, after falling as much as 2.9 per cent earlier in the session. The benchmark finished 0.65 per cent lower on Tuesday.[SYDNEY] Australian shares closed marginally lower on Wednesday, with the heavyweight financial sector leading losses, as market participants fretted over the impending economic fallout from the coronavirus pandemic.
The S&P/ASX 200 index settled about 0.9 per cent lower at 5,206.90, after falling as much as 2.9 per cent earlier in the session. The benchmark finished 0.65 per cent lower on Tuesday. Australian markets took a hit after global credit-rating firm Standard & Poor's lowered its outlook on the country's coveted 'AAA' rating to"negative" from"stable", saying the government's massive fiscal packages to cushion the economic blow from the pandemic could lead to a sharp rise in the country's debt position.
Citing the threat of prolonged economic downturn, the government is looking to pass an emergency A$130 billion stimulus package to subsidise the wages of 6 million Australians. With the country's unemployment rate expected to double to nearly 10 per cent, most economists predict the worst recession in Australia's history.
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