Australian shares fell to their lowest in more than a week on...

Australian shares fell to their lowest in more than a week on Thursday, as fears of a second wave of coronavirus infections at home and around the world battered hopes of a quick economic recovery.

The S&P/ASX 200 index (xjo) fell as much as 1.8% in early trade. So far this year, the index is down 10.75%.

The country on Wednesday reported its first COVID-19 death in more than a month while the United States recorded its second-largest increase in cases since the crisis began, pushing total global infections to over 9.33 million.

Meanwhile, the International Monetary Fund said the pandemic is causing a wider and deeper damage to economic activity than first thought.

Among individual shares and sectors, financial stocks .AXFJ fell 2.29%, with the "big four" banks dropping between 2.2% and 2.6%.

The mining subindex .AXMM fell nearly 2%, with global miners BHP Group (BHP) and Rio Tinto (RIO) losing 2.1% and 1.4%, respectively.

Lithium explorer Orocobre Ltd (ORE) fell as much as 8% after warning of a drop in June-quarter lithium carbonate sales from its flagship Olaroz mine.

Energy stocks .AXEJ lost over 3% as oil prices dropped overnight on swelling U.S. crude inventories and spiking coronavirus cases.

The gold subindex .AXGD fell over 2%, led by De Grey Mining Ltd (DEG) , down 5.39% though prices of the yellow metal XAU= rose 0.25%.

Beleaguered Qantas Airways (QAN) on Thursday said it was axing at least 20% of its workforce and planning to raise up to about $1.30 billion in response to the virus crisis. Its shares, which closed 2.8% lower on Wednesday, were on a trading halt.

The number of issues on the ASX that advanced were 216, while 893 declined.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) fell 1.08%, dragged by healthcare stocks like Ryman Healthcare (RYM) , down 2.5%.