in

FTSE takes the biggest hit of coronavirus crisis amid global panic sell-off – Sky News, Sky.com

FTSE takes the biggest hit of coronavirus crisis amid global panic sell-off – Sky News, Sky.com
                                                     

London’s FTSE – of top listed companies has seen its biggest fall of the coronavirus crisis to date as stock markets around the world felt the heat.

The worsening outbreak has fueled fears of a global recession causing shares to tumble.

The UK’s bluechip index experienced its largest daily percentage drop since the epidemic began.

It fell 3.6%, or points, wiping £ 66 bn off the combined value of the leading companies.

The sell-off is the largest in percentage terms since August .

    

It came as the number of confirmed cases in the UK rose again, taking the total number to 173.

The increase comes as a second person in the UK is feared to have died from coronavirus .

Globally, the number of confirmed and suspected cases passed , , according to Johns Hopkins University, which is tracking the outbreak. It says there have been more than 3, deaths.

Stocks tumbled into the red across Europe, with Germany’s DAX sliding 3.4% and France’s CAC falling 4%.

Meanwhile, the US Dow Jones Industrial Average plunged more than 618 points – a 2% fall – while other major indexes like the S&P and the Nasdaq also suffer declines.

Businesses involved in almost any public activity, such as cinemas , hotels, airlines and amusement parks, have lost billions in value as investors seek out safer assets like government bonds, despite the minimal return offered.

Connor Campbell, financial analyst at Spreadex, said: ” With no signs of the outbreak slowing down … investors remain gripped with a near unshakeable panic, the week’s various central bank rate cuts only serving to reinforce the seriousness of the situation. “

    

        

                                       

                                                           

                                                                                                 Coronavirus: How worried should we be?                 

Russ Mold, investment director at AJ Bell, added that investors are worried about the possibility of a global recession caused by coronavirus.

He said: “Non-stop news headlines about the spread of coronavirus have caused investors to be very concerned about a global recession.

“This tension is likely to remain front and center until we get some evidence that the virus can be contained.”

Hotel and travel stocks were once again among the worst hit in the latest leg of the coronavirus sell-off, with Holiday Inn owner InterContinental Hotels and Premier Inn group Whitbread both seeing falls on the FTSE – 138.

Tour operator Tui was 2% lower, with cruise ship giant Carnival tumbling 7% as demand for bookings slumps amid a wave of cancellations from worried holidaymakers.

Carnival’s woes were compounded by news of another cruise liner, the Grand Princess, being stranded off San Francisco.

:: Listen to the Daily podcast on

Apple Podcasts , Google Podcasts , Spotify , , spreaker

Airlines have also been badly impacted, with the collapse of Flybe raising fears that other vulnerable players may go bust in the fallout from coronavirus.

In London, British Airways owner International Airlines Group and low-cost rival easyJet both saw shares drop.

Oil giants BP and Royal Dutch Shell were also suffered share losses – each falling more than 5% – as the cost of crude extended recent declined, with Brent down another 4% at just under $ a barrel.

Virus Outbreak: Global Emergency – Watch a special Sky News program on coronavirus at 6pm weekdays

                         Read More

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Meghan Markle meets pupils at east London school on second day back in UK – Daily Mail, Dailymail.co.uk

Meghan Markle meets pupils at east London school on second day back in UK – Daily Mail, Dailymail.co.uk

Refugees told 'Europe is closed' as tensions rise at Greece-Turkey border – The Guardian, Theguardian.com

Refugees told 'Europe is closed' as tensions rise at Greece-Turkey border – The Guardian, Theguardian.com