19:16

The Australian stockmarket has risen more than 1.6% at the opening bell, defying the strong lead set by a crash overnight in the US.

The ASX is still down by about 30% since the coronavirus crisis started hitting markets about a month ago, and the extreme volatility we’ve seen in recent days means there’s no guarantee the relief will last.

Australian companies rushed out waves of bad news before the market opened, with flagship carrier Qantas saying it would cut international flights by 90% and domestic ones by 60%.

The move, which will ground about 150 aircraft including almost all the airline’s long-haul fleet, is the latest reaction in an industry put under extreme financial pressure by the coronavirus crisis. The Australian government has not ruled out a bail-out for the industry.

Elsewhere, soft-drink manufacturer Coca-Cola Amatil canned its profit forecasts, Auckland Airport cancelled its dividend, property developer Sunland called off a AUD$60m (£29.43m) share buyback program and Crown Resorts extended the closure of every second poker machine to its Burswood casino.