Market wraps 10th March 2020
Morning Bell - Jessica Amir
We saw global equities enter bear markets overnight. US stocks fell 7.6% - its biggest loss since 2008, while European equities lost 7.4% and the Aussie share market shed 7.3% yesterday.
It all comes as oil prices fell 30% after OPEC’s talks failed and Saudi Arabia said it would boost oil production in a bid to increase its supply and market share.
Qantas (QAN) announced it's slashed international flights and roughs, cutting a quarter of international capacity for the next 6 months.
Newcrest Mining (NCM) rose 2.5% yesterday, outperforming the market and looking like it’s turned a corner from its February low.
Finally, the Australian dollar has recovered from its fall yesterday and is now 1.2% higher at 65.87 US Cents.