More than $120 billion has been wiped from the value of Australian shares after coronavirus concerns plunged local markets to the lowest level since the Global Financial Crisis.
Business Reporter Edward Boyd said Australian stocks fell more than six per cent on Monday due to coronavirus fears, "making Monday the worse day since the 2008 Global Financial Crisis".
"The epidemic has escalated tensions between OPEC oil producing nations and there are now fears of an oil price war," he said.
"The oil price dropped 30 per cent on Monday, its biggest drop in 29 years, which has sent Australian shares plunging."
