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Sky News Business Reporter Edward Boyd says Australia “should expect an interest rate cut” on Tuesday because the economy has been weakened by bushfires and the coronavirus.

The ASX 200 bounced back in early trade, opening 1.5 per cent higher, however “consumer spending is really weak” and “economists believe there should really be a rate cut” to help stimulate the economy and “get it back on track".

This follows more than a week's worth of declines, with the ASX down more than 10 per cent since February 20.

Wall Street closed higher on Tuesday morning, with hopes central banks would add stimulus to economies under threat by the coronavirus outbreak.

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