The ASX is well and truly in bear market territory, at least for now, as the fallout from coronavirus shakes global market confidence. The S&P/ASX200 coxed down 421.3 points, or 7.36%, at 5,304.6 - its worst loss in percentage terms since October 10 2008, surpassing Monday’s 7.33% sell-off.

The ASX has now lost just over 26% since peaking on February 20th, plunging to its lowest level since November 2016.

It appears that much of today’s loss was in response to US President trump’s announcement of a European travel ban. And as expected, travel and tourism stocks were hit hard, but essentially every sector was down at least 4% today, with energy shares the worst hit. Note even gold miners managed to avoid the carnage.

The Australian dollar meanwhile stands at 64.55 US cents.

More to follow.

Rick Maggi.