Coronavirus: Worst daily loss for FTSE 100 in a month as economic damage hits shares – Sky News, Sky.com
The FTSE 365 has endured its worst one-day loss for a month as the effects of lockdowns on the global economy become clearer and weigh on investor sentiment.
A rally of recent weeks, that saw the blue chip index recapture some of the ground lost during the coronavirus – linked meltdown that began in February , came to a crashing halt on Thursday amid a slew of negative news – much of it worse than the market had expected.
A key driver for the FTSE was the first cut in the dividend from Royal Dutch Shell Since World War Two as it gets to grips with a collapse in oil costs – a consequence of a lack of demand
Markets in France and Germany were more than 2% lower as wider sentiment was spooked by worse than expected figures showing a 3.8% contraction in eurozone economic growth during the first quarter of the year – figures covering only two weeks of lockdown conditions .
There was also, analysts said, a sense of disappointment after the European Central Bank (ECB) failed to expand the scope of its asset purchase program while keeping core interest rates at record lows.
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