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Australian stocks set for a small bounce

Australia’s share market is poised to rise slightly from a near eight-year low even as the coronavirus pandemic continues to spread.

The SPI200 futures contract was up 39 points, or 0.87 per cent, at 4522 points at 0800 AEDT on Tuesday, suggesting a bounce at the open.

US markets were lower even after the Federal Reserve’s second wave of rescue actions that included bond buying to ensure liquidity.

“More could be done in the US though, with congress again failing to pass a stimulus deal, just as the World Health Organisation warms that the global infection rate is escalating, NAB’s morning call note says.

The local bourse has dropped 36.8 per cent in 22 trading sessions since February 20, after closing on Monday at its lowest level since December 6, 2012.

There was a fresh wave of panic selling as investors were rattled by businesses and state and territory borders closing amid stricter measures to control the pandemic.

The Australian dollar was buying 58.34 US cents at 0800 AEDT, up 58.01 from at Monday’s close.

One Australian dollar buys 64.45 Japanese yen from 64.25; 54.23 euro cents from 54.23; 53.98 British pence from 49.67; 101.93 NZ cents from 102.13.

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