Australia’s share market has jumped more than 2 per cent upon opening, marking the third day since the coronavirus outbreak began that the local bourse has opened in the green.
As of 10.30am AEDT, the benchmark S&P/ASX 200 had risen by 109 points or 2.18 per cent to 5107.8 points.
The Aussie dollar was buying 59.09 US cents at 10.15am AEDT, down from 60.33 US cents yesterday.
Local stocks had rocketed in the final minutes of trade yesterday after US politicians finally reached a deal – yet to be passed – on a A$3.3 trillion stimulus measure to shore up the world’s biggest economy.
Global stock market sentiment improved further overnight but there were questions about when it would pass.
Since then a string of more local COVID-19 job losses have been announced, with Virgin saying its redundancies would top 1000 and Flight Centre talking of standing down or sacking 6000.
NAB’s morning call says it’s difficult to ascribe any reasoning behind some market moves.
“Certainly, the global picture continues to look dire, with rising COVID19 infection and mortality rates in Europe and the US, and government measures to keep the economy ticking over whilst retaining the spread are feeling the pressure,” the bank said.
NAB noted that in Europe talk of Corona bonds are moving slowly and in the US the senate has yet to sign the stimulus bill.
– With additional reporting by AAP