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Stock impact report

Australia shares drop 2.5% as virus anxiety resurfaces, NZ slips [Reuters]

Westpac Banking Corporation (WBK) 
Company Research Source: Reuters
Australia shares drop 2.5% as virus anxiety resurfaces, NZ slips * S&P lowers outlook on Australia’s AAA rating * Fitch Ratings downgrades “Big Four” banks * Parliament set to pass $80 bln stimulus plan * Treasury Wine mulls Penfolds demerger, shares up 10% By Sameer Manekar April 8 (Reuters) - Australian shares dropped more than 2% on Wednesday, as concerns of a massive economic slump due to the coronavirus pandemic coupled with an outlook downgrade on the local economy and banking sector drove investors away from risky assets. The S&P/ASX 200 index was down 1.9% at 5,152.5, as of 0035 GMT. Earlier in the session, the index slumped as much as 2.5%. Global ratings agency S&P lowered its outlook on Australia’s ‘AAA’ rating to “negative” from “stable” in anticipation of a “material” weakening in the government’s debt position as it splashes out a large fiscal stimulus package. The Australian parliament is set to pass an emergency A$130 billion ($80 billion) stimulus package. The decisio Show less Read more
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