About $130 billion wiped off Australian shares post Donald Trump's European coronavirus travel ban

About $130 billion has been wiped off the value of Australian shares after US President Donald Trump announced a temporary ban on travellers from Europe and the World Health Organisation declared the coronavirus a pandemic. Key points: The rising cost of coronavirus and the share market crash has banks and government looking at stimulus measures Despite the UK Government announcing a stimulus plan, the European markets fell deeper into the red The Australian dollar dipped again to around 64.58 US cents The ASX 200 index fell nearly 8 per cent at its low point — the worst one-day fall since the collapse of US investment bank Lehman Brothers triggered losses in October 2008. US stock futures tumbled 4.7 per cent to 2,610 points, near the daily downward limit, on the European travel ban and because investors were disappointed with Mr Trump's stimulus plans. US stocks plunged into bear market Overnight, the Dow Jones Industrial Average had fallen 1,465 points or 5.85 per cent to 23,553, the S&P 500 lost 141 points or 4.89 per cent to 2,742 and the Nasdaq Composite dropped 392 points or 4.7 per cent to 7,952. The Bank of England cut its benchmark interest rate by 50 basis points to 0.25 per cent, and the UK Government announced a 30 billion pound stimulus plan.