Local shares to shake off coronavirus, dollar hit hard

The global market’s concerns about the virus meant the Australian dollar got “whacked” down to 67.18 US cents, its lowest level since 2009, on Friday night, as commodity prices fell.

A slew of companies are expected to file half-year or full-year results in the coming days including Commonwealth Bank of Australia, CSL, Telstra, Transurban, GPT, Woodside Petroleum and Goodman Group.

The market is also looking ahead to a busy week for the US including a speech to congress by US Federal Reserve chairman Jay Powell on Tuesday, inflation figures on Thursday and January retail sales figures on Friday.

In Australia, December housing finance figures and a National Australia Bank business survey are both due out on Monday, while Reserve Bank chairman Philip Lowe is expected to talk about ongoing interest rate cuts in a panel discussion on Thursday.

— with wires


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