Australian stocks remain in freefall as coronavirus panic drives market down 10% for week

ASX loses another 3% on Friday, taking it into ‘correction’ territory and bringing week’s losses to $200bn

Coronavirus panic has stripped almost 10% from the value of Australian stocks over the past week amid fears the outbreak could dent a global economy already struggling with persistently low growth.

Any potential hit to the Australian economy will further deepen damage done by bushfires and floods that have ravaged the east coast in recent months – although the extra day in February on Saturday may save the Morrison government the embarrassment of statistics showing a shrinking GDP.

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