Stocks on the Australian share market are set to slip further due to the continued spread of the coronavirus across the globe.
The SPI200 futures contract was down 93 points, or 1.5 per cent, at 6,113 at 0800 AEDT on Monday.
AMP Capital chief economist Shane Oliver says the Australian market would likely remain in freefall while coronavirus fears continue to disrupt economic activity and spending.
The federal government is this week expected to finalise an economic stimulus package worth more than $5 billion to offset the impact of the virus outbreak in Australia.
About 75 Australians have tested positive, and three people have died.
Across the world there have been 105,586 people diagnosed with the virus, and 3,584 deaths, according to the last World Health Organisation update.
US stocks fell again late last week as fears of economic damage from the virus grew.
The S&P 500 posted its 10th decline in 12 sessions.
The Organisation for Economic Cooperation and Development has slashed its forecast for global growth for this year to 2.4 per cent from 2.9 per cent.
On the home front, the Aussie dollar was buying 66.08 US cents at 0800 AEDT on Monday, up from 65.96 US cents when the market closed on Friday.
AAP
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