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. “
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