S&P/ASX 200 slips 0.96% as US Fed warns of considerable risks to economy due to COVID-19 crisis

S&P/ASX 200 (INDEXASX:XJO) has backed away from yesterday's five-month high close to be down 0.96% points to 6110 at 12.25 pm. Overnight in Wall Street, stocks retreated from record highs after the US Fed raised concerns that the coronavirus likely would continue to stunt growth and potentially pose dangers to the financial system. Officials at the Federal Open Market Committee meeting agreed that “the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.” COVID-19 update Victoria saw an increase in new COVID-19 infections today, with 240 new cases in the past 24 hours – up from 216 yesterday – and 13 deaths. Premier Daniel Andrews said testing levels have to go up so authorities can get a complete picture before easing stage 4 restrictions. He added: “What we’re all trying to avoid here is that cases come down to a point where we start to think about opening up… only to be unable to do that because the test numbers are too low for us to have clarity about just how much virus is out there.” Top gainers Today’s top gainers on the ASX include Cirralto Ltd (ASX:CRO) (+19.05%), MGC Pharmaceuticals Ltd (ASX:MXC) (+19.23%), Twenty Seven Co Ltd (ASX:TSC) (+20.00%), Kazia Therapeutics Ltd (ASX:KZA) (+38.79%) and Australian Vanadium Ltd (ASX:AVL) (+9.09%). Proactive news headlines: MGC Pharmaceuticals interim results of ArtemiC in Phase II trial on COVID-19 infected patients meet all primary objectives MGC Pharmaceuticals Ltd (OTCMKTS:MGCLF) has taken another step towards commercialising its anti-inflammatory treatment ArtemiC with positive interim results from a Phase II clinical trial on COVID-19 infected patients. Pantoro set to boost Norseman gold bounty through new ore zone at Scotia Mining Centre Pantoro Ltd (ASX:PNR) has lifted the growing gold potential of the Norseman project in Western Australia's Goldfields with the discovery of a new zone of near-surface mineralisation at the nearby Scotia Mining Centre. Kazia Therapeutics soars on award of US FDA Fast Track Designation to paxalisib for glioblastoma Kazia Therapeutics Ltd (NASDAQ:KZIA) has soared almost 50% on being awarded US Food and Drug Administration (FDA) Fast Track Designation (FTD) to paxalisib for the treatment of glioblastoma – the most common and aggressive form of primary brain cancer. Arrow Minerals extends strike length of Dassa gold discovery to 5 kilometres Arrow Minerals Ltd (ASX:AMD) has extended its Dassa gold discovery in Burkina Faso to a strike length of 5 kilometres after a 235-hole auger sampling program. Galileo Mining ready to hit Fraser Range nickel targets with diamond drilling Galileo Mining Ltd (ASX:GAL) is set to begin diamond core drilling at highly prospective targets within the proven Fraser Range nickel belt in Western Australia. Zelira Therapeutics expands US network with Louisiana launch of HOPE products for autism sufferers Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) has expanded its network in the US by launching its HOPE range of products for autism sufferers in Louisiana, USA, where laws have recently been expanded to allow more patients access to medical marijuana. Latin Resources continues revitalisation by advancing exploration at key Australian projects Latin Resources Ltd (ASX: LRS) is advancing exploration at its priority Yarara Gold Project in the proven Lachlan Fold Belt of New South Wales and its Noombenberry Halloysite-Kaolin Project in WA.