Australia: Shares slip on fears of economic pain from coronavirus
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[SYDNEY] Australian shares ended lower on Thursday, with mining stocks dominating the losses, as a sharp rise in the death toll from the coronavirus epidemic dented risk appetite and fanned fears of an economic slowdown in China.
The S&P/ASX 200 index slipped 0.3 per cent to 7,008.40 at the close of trade. The benchmark closed 0.5 per cent higher on Wednesday.
The virus had claimed 170 lives in China, Australia's largest trading partner, as of end-Wednesday, with the number individuals infected exceeding the 5,327 registered during the Severe Acute Respiratory Syndrome (SARS) outbreak in 2002 and 2003. . "We assess that Australia's GDP could be around 0.2 per cent lower in 2020 as a consequence of the coronavirus, with most of this being felt in Q1 and Q2," analysts at ANZ said in a note.
"This will add to the downside risks to growth in the first half of 2020 stemming from the bushfires," they added.
New Zealand's benchmark S&P/NZX 50 index finished the session marginally lower at 11,665.65.
REUTERS
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