Good evening,

A torrent of profit warnings and cost-cutting plans was unleashed on the ASX on Monday, as corporate Australia gets to grips with one of its toughest periods in history.

Early numbers are pointing to almost 300,000 people losing their jobs, and the Federal Treasury was estimating almost one million people could receive its coronavirus supplement.

Amidst the market chaos, spare a thought for the shareholders and management of GrainCorp, which is about to let its demerged malt business run free.

United Malt Group will start trading on the ASX on Tuesday on a deferred settlement basis, and we'll be watching from the sidelines to see if the market shakeout hurts it from the get-go.

Meanwhile, ANZ isn't giving up on selling its car loans and asset finance arm UDC Finance just yet.

We take a look at which American investment giant has been tapped as preferred buyer following the two-stage auction, and what's next from here.

Finally, Ardent Leisure is mulling Plan C after being forced to close its US Main Event arm and its local theme parks, while Webjet has been crossing fundies for a $250 million cash injection.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors