Analysts and investors in struggling Australian property group Centro are predicting a further earnings downgrade following a second calamitous day for the company’s share price. Daily Telegraph

Following a 76% plunge on Monday, the shares slumped a further 41% yesterday as investors fled Australia’s second biggest shopping centre investor amid fears that its banks were preparing to foreclose on it.

The highly indebted company, which owns property across the globe, admitted on Monday that it had failed to fully refinance debt built up buying US retail group New Plan for £2.7bn in April.

Rob Stanton, an analyst at JP Morgan’s Sydney office, said: 'Two standard questions need to be asked after an unexpected downgrade: "What else don’t we know?" and "When is the second downgrade coming?".'