Australia's Finance Minister: Second coronavirus wave may cost Australia $80 billion

Australia's Finance Minister Mathias Cormann warned on Friday that the second wave of coronavirus could cost the Australian economy $80 billion over the next two years, according to Australian Associated Press. 

The government is worried that anti-racism rallies scheduled for this weekend may spread the virus. 

Global stock markets have posted sharp losses in the last 24 hours on renewed economic concerns and fears of a pandemic resurgence complicating the economic recovery.