[SYDNEY] Australian shares surrendered early gains to settle lower on Wednesday, as investors exercised caution in the face of a worsening domestic coronavirus crisis, and ahead of the US Federal Reserve policy decision and key earnings reports.
The S&P/ASX 200 index fell 0.2 per cent to 6,006.4 in low-trading volume after rising 0.5 per cent earlier. Australian officials sent an emergency medical team to aged care homes in Melbourne, one of the several virus clusters that have sprung up at pubs, restaurants and schools across the city, to help contain the rapidly spreading outbreak.
"We're seeing evidence in the US earnings reporting season of damage done by the new outbreaks, and we could see a similar effect in the reporting season here," said Michael McCarthy, chief market strategist at CMC Markets. Wednesday's movement also pointed to a"lack of commitment from both buyers and sellers", especially ahead of risk events like the Fed policy decision and earnings reports from US tech heavyweights later in the week, Mr McCarthy added.
Source: News Formal (newsformal.com)
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