ASX down early on virus cases in US, VIC

The ASX has dropped by more than one per cent at the start of trade as increasing coronavirus cases in the US and Victoria prompt traders to be cautious.

The S&P/ASX200 benchmark index was lower by 61.5 points, or 1.03 per cent, at 5881.1 points after the first 15 minutes of trade on Monday.

The All Ordinaries index was 63.6 points, or 1.05 per cent lower, at 5998.0.

All sectors were down except for materials.

Consumer discretionaries was the least popular sector, lower by 2.12 per cent.

Information technology dropped 1.97 per cent, energy was lower by 1.85 per cent and financials was down 1.41 per cent.

New cases of COVID-19 set records across at least six US states, and using face masks is increasingly becoming required.

In Australia, Victorian Premier Daniel Andrews has reimposed restrictions after 25 new coronavirus cases were recorded on Saturday and a further 19 on Sunday.

Most of the new cases in Victoria came from large family gatherings.

The Australian dollar was buying 68.20 US cents at 1015 AEST, down from 68.59 US cents at the close of trade on Friday.

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