1. Westpac has appointed a new CEO, Peter King, to lead them through the current market volatility.

2. Senior government sources told the AFR that it is "not our role" to grant Virgin airlines the $1.4 billion loan that they have requested, despite their desire to have two strong Australian airlines.

3. Uniqlo are another retail chain that have decided to close their stores in Australia today. Below are the number of retail stores that are currently closed indefinitely:

4. Economists at Berenberg likened Europe and the UK's GDP return to a "tick mark recovery. “The sharp downturn will be followed by a slightly flatter upturn that ultimately goes beyond the pre-coronavirus level of gross domestic product (GDP),” said Chief and Senior Economists, Holger Schmieding and Kallum Pickering.

5. Australian shares are expected to open lower following sharp falls in Europe and the US overnight. The Dow was down 4.44% to 20,943.51, S&P 500 was down 4.41% to 2,470.50 and Nasdaq dropped 4.41% to 7,360.58.