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The Australian share market eyed a cautious start to Wednesday’s session. US stocks retreated from record levels ending their six day winning streaks from news that the deadly coronavirus, which has killed 6 people in China, has spread to the US, Thailand, South Korea, Japan and Taiwan. Shares in casino and hotel companies fell on fears that the outbreak would dent China international travel numbers.

Investors reacted to the IMF downgrading global growth by 0.1% to 3.3% in 2020, largely as India’s economy slows. Even though global growth forecasts ticked higher than 2019’s 2.9% growth, the IMF’s chief economist Gita Gopinath said the projected recovery in global growth remains uncertain. The IMF said as the US-China trade deal was inked, trade and manufacturing activity could soon bottom out.