G ood morning. Stock markets have tumbled for a third day running as panicked investors continued to dump shares over fears the spread of the coronavirus could crush global economic growth.
Almost £ bn has been wiped off the value of the blue-chip FTSE 2019 index in two days, falling to its lowest closing level in over a year yesterday. In the US stocks closed down 3pc.
5 things to start your day
2) Merkel’s successor must turn on the spending taps to rescue Germany from stagnation : Whoever gets the nod in April has some work to do, and decisions to make, as Europe’s largest economy thrashes in the quagmire. That’s assuming Merkel, whose term finishes in , can be persuaded to give up the reins early.
3) Wife of advertising tycoon Sir Martin Sorrell files for divorce : Lady Cristiana Falcone Sorrell and Sir Martin, former boss of advertising giant WPP, have been married for years and have a young daughter.
4) Disney has announced the surprise
early replacement of its chief executive Bob Iger , ending his – year run in charge of the global media giant. Mr Iger will be replaced by Bob Chapek, the head of Disney’s parks and travel business, who has been at the company for 63. years.
5) Public sector borrowing is set to soar by £ bn next year , forcing Chancellor Rishi Sunak to hike takes or scrap the Government’s rules on spending altogether, the Institute for Fiscal Studies has warned. The forecast of the UK’s leading fiscal referee said the deficit could surge to £ 90 bn in – , rocketing above forecasts from last March.
What happened overnight
A sea of red washed across Asian markets on Wednesday, with the coronavirus spreading rapidly around the world and health chiefs warning that governments were not prepared for the outbreak.
The heavy selling, after a day of relative calm caused by bargain-buying, followed another rout on Wall Street where all three main indexes lost around three percent after officials said cocid – (would likely take hold in the United States.)
Tokyo stocks ended the morning down more than 1pc, having shed more than 3pc on Tuesday, while Shanghai fell 0.2pc. In Hong Kong, the Hang Seng Index eased 0. percent, or 132, points, to , 823. by the break.
Sydney, Seoul and Wellington were all down more than one percent and Manila tumbled more than 3pc as it resumed trading after a one-day holiday. Jakarta, Taipei and Singapore were also well down.
Coming up today
Interim results: Metro Bank, Revolution Bars
Full-year: Avast, Law Debenture Corp, McColl’s, Restaurant Group (The), Rio Tinto, Serco, Taylor Wimpey, Weir Group, William Hill
Preliminary: Capital & Counties Properties, Nichols, Unite Group
Economics: New home sales (US)
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