The Australian share market has retreated from early gains, despite Wall Street rising as more stimulus was promised by world leaders to head off a coronavirus-induced recession.
Key points: The S&P 500 recorded its biggest three-day percentage gain since 1933Australian market rose in early trade but has given up those gainsIt comes as G20 leaders promised to inject $8.2 trillion into global economy
Investors are also awaiting a $US2 trillion ($3.3 trillion) economic rescue plan expected to be approved by the US Congress later today.
Australian shares jumped more than 2 per cent in early trade but by 2:30pm (AEDT) the ASX 200 index was down by 2 per cent to 5,011.
The All Ordinaries was 1.9 per cent weaker at 5,035.
Utilities was the only sector in positive territory, as banks, energy and mining stocks led the falls.
It comes as the leaders of the world’s biggest economies pledged to do whatever necessary to fight coronavirus.
On a video conference call overnight, the G20 promised to inject $US5 trillion ($8.2 trillion) into the world’s economy.
“The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organisation, International Monetary Fund, World Bank Group, United Nations, and other international organisations,” the group said in a statement.
“We are determined to spare no effort, both individually and collectively.”
Kathmandu stands down thousands of workers
Adventure clothing and equipment chain Kathmandu is the latest retailer to stand down thousands of workers because of the coronavirus pandemic.
The retailer said all of its Australian stores and surf wear chain Rip Curl would shut by the close of business today.
Kathmandu has about 1,300 employees in Australia