Australian firms dump guidance as virus lockdown jolts markets [Reuters]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Reuters
Australian firms dump guidance as virus lockdown jolts markets - Reuters 4 Min Read SYDNEY (Reuters) - Australian retailers, casinos and toll road operators pulled profit guidance on Monday as unprecedented curbs on public life to combat the coronavirus pandemic hit demand, sending their shares into a tailspin. The benchmark index plunged more than 8% at the open as investors fretted over the damaging economic costs of stringent new social distancing rules. Seeking to contain the pandemic, the government ordered the closure of indoor sporting venues, pubs and clubs, cafes & restaurants as well as gyms and cinemas. Hotels, eating out, art and recreation, air travel and other services make up nearly 10% of Australia’s A$2 trillion ($1.1 trillion) economy. The government on Sunday pledged A$66.4 billion to help affected business and individuals though economists say another support package will be needed. “Increasing social distancing including the increasing adoption of alternative work
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