ASX to retreat as US markets tumble on virus fears

Summary

• ASX futures are down 0.6% and point to early losses after virus concerns fuelled a sharp selloff on Wall Street last night 
• The Dow Jones Industrial Average fell 1.1%, the S&P 500 lost 1%, to 3,537.01 and the Nasdaq Composite dropped 0.65%
• Wesfarmers CEO Rob Scott has defended product sourcing from countries such as China, warning moves to limit the countries the retail giant can purchase from would only burden Australian families
• The virtual 2020 Sohn Hearts and Minds conference kicks off today, featuring US fund manager Bill Ackman and a host of local stockpicking experts