The S&P/ASX 200 Index (ASX: XJO) has plummeted today with losses hitting 7% after accelerating sell-off pressure following US President Donald Trump's announcement of a ban on European travel to the United States.
The ASX 200 opened at 5,725.9 points this morning but has now pulled back to the 5,425-point level (a 5.24% drop) after falling over 7% earlier today at one point.
President Trump has now "suspended all travel from Europe to the US for the next thirty days" as well as announcing various stimulus measures aimed at propping up the US economy. Prime Minister Scott Morrison also unveiled a domestic package of stimulus measures this morning, including cash payments to Centrelink recipients.
Back on the ASX, travel-related shares have once again borne the brunt of the market fear.
Flight Centre Travel Group Ltd (ASX: FLT) shares are down an eye-watering 17.31% today to $19.83 at the time of writing, while Corporate Travel Management Ltd (ASX: CTD) shares are down 11.72% to $8.40. Qantas Airways Ltd (ASX: QAN) is nursing a 10.77% loss at $3.60 a share.
ASX blue-chip shares are also feeling the pain today. Commonwealth Bank of Australia (ASX: CBA) has lost 3.47% and is sitting at $66.12, whilst BHP Group Ltd (ASX: BHP) has shed 5.5% to $26.96 a share.
The bear market that the ASX entered on Monday is now in full swing.
