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Coronavirus outbreak and the resulting travel restrictions will negatively hit banks’ asset quality and is a credit negative development for Australian banks, ratings agency Moody’s said on Friday. 

Meanwhile, Reserve Bank of Australia’s governor Lowe was out on the wires earlier today stating that the negative impact of coronavirus on the Australian economy could be bigger than that of SARS outbreak of 2002-2003.

As per latest reports, the death toll and the number of infections continue to climb in China. Nationwide, more than 70 new deaths and 3,100 new cases emerged in the previous 24 hours, the national health authorities said Friday morning, according to The New York Times.