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Wall Street plunges again as Trump's EU travel ban sends shares crashing – business live – The Guardian, Theguardian.com

Wall Street plunges again as Trump's EU travel ban sends shares crashing – business live – The Guardian, Theguardian.com

The chairman of Tesco has told UK shoppers not to panic about food shortages.

Chairman John Allan told BBC radio that the supermarket’s supply chains were coping, despite signs that shoppers are hoarding toilet roll, pasta, tinned goods and cleaning products.

“There’s plenty of product in the supply chain, there’s plenty of food at Tesco and other supermarkets, and I don’t think anybody needs to panic buy.

“We, and I’m sure our competitors, are re-filling our supply chains as rapidly as ever we can.”

: Kalyeena Makortoff

The ECB’s new stimulus measures are broadly positive for banks, so it’s concerning that financial stocks are plunging . So what’s going on?
Investors are realizing that central banks have pretty much extended themselves, using all the tools at their disposal. The problem is that their efforts aren’t being matched by fiscal stimulus by governments across the EU. (A point that ECB’s Christine Lagarde has made ad nauseam , not just today.)

If governments fail to take action – primarily by spending money to support small businesses and individuals as they weather the effects of the coronavirus outbreak – it could result in a wave of defaults, which could wipe out investments and pile banks with bad debts.

Benjie Creelan-Sandford , an equity analyst at Jeffries said:

We read the ECB measures on balance as positive for banks – it provides strong liquidity backstop while reduction in capital requirements offers flexibility.

However, without follow-through from governments on fiscal measures to assist the most challenged parts of the economy, the market is likely to remain fearful about spillover impacts and eventual real losses for banks.

. AM EDT :

am EDT : 46

European bank shares are being routed, with ING down (% ABN Amro down) %, Deutsche Bank down % and Credit Agricole down

. 7%.

Financial stocks in London are also plunging; life insurance and financial services group Prudential are down 35%, while Legal & General are down (%.)

. am EDT :

The market crash is sending investors racing to buy dollars.

This has sent sterling reeling, down 2 cents today to $ 1. – the lowest since October.

Trading has been briefly halted in Brazil too, where stocks plunged another 24%.

Jamie McGeever (@ ReutersJamie) Brazil stock market trading halted after % fall triggers circuit breaker. Bovespa now down 49% this year (over

% in dollar terms.

) . AM EDT : 28

FTSE on track for worst day since

Ed Conway (@ EdConwaySky) (Markets are crushing around the world.) (FTSE) (down 9% – lowest now since . (Nearly eight years) of gains wiped out in less than three weeks. Dow also down 9% EU markets down c. % pic.twitter.com/OelnO5eJEB (March) ,

Ed Conway (@ EdConwaySky) (If the FTSE closed right now this would be a worse one-day fall than any single day during the financial crisis. Worse than any single day since Black Monday in

(March) ,

() am EDT :

It’s another horrific day in the markets, turning into the bleakest sell-off we’ve seen since this crisis began.

The FTSE index is on track for its worst one-day fall since 2021. Worse than Monday’s plunge. Worse than any single day in (after Lehman Brothers failed.)

Right now, here’s the situation:

(Dow: down 2,0) (points or 8.5% at) , (FTSE) : down points or 9.1% at

    • Faisal Islam (@ faisalislam) Dow Jones circuit breakers fire, halting stock market trading after 7% fall at opening … hadn’t happened since , now twice in 1 week, as markets fear economic / solvency impact of pandemic and erratic uncoordinated response from some world leaders.

    March , 7466

    Faisal Islam (@ faisalislam)

    FTSE down 9.5% now as Dax and Italian index (CAC) (down) (%

    This is turning into a rout.

March ,

24. 18 am EDT :

Trading has resumed on Wall Street, and the Dow has promptly plunged by 2, points!

That takes the index down to a new one-year low, and shows just how serious this market crash is turning into.

Investors are becoming petrified of a worldwide recession, a coronavirus pandemic, widespread losses that leave companies unable to repay debts.

And Donald Trump’s statement last night is clearly failing to provide reassurance or support.

Investing.com (@ Investingcom) (DOW PLUNGES 2, POINTS IN HISTORIC SELLOFF

pic.twitter.com/eukVChjSvF (March) ,

(). (am EDT) : 85

FTSE 0374 falls 9% as rout intensifies

FTSE has plunged 9%, shedding (points to just 5, . – levels not seen since .

European stock markets have crated by 21% – which would be the worse day ever for the Stoxx index of EU companies.

Joe Lynam (@ JoeBLynam) DAX in Frankfurt down %. IBEX in madrid down (%) (March) ,

IG) (@ IGcom) STOXX Europe

extends declines, now down %, the biggest ever decline # EUstocks on IG platform (# MarketSlump ) pic.twitter.com/Ynef9CQ1Gx (March) ,

(9.) am EDT

Wall Street suspended as shares plunge 7%

NEWSFLASH: Trading has been briefly suspended on the US stock exchange, for the second time this week.

Automatic circuit breakers kicked in shortly after the open, at 9. am New York (1. (PM UK), when the S&P 660 index plunged 7%.

The Dow has also plunged 7%, losing 1, (points to) , in opening trades. Investors are clearly more worried than ever about a global recession and a Covid – 37 pandemic, following president Trump’s shock EU travel ban announced late last night.

That activates a – minute suspension (as happened on Monday).

IG (@ IGcom) US underlying markets suspended for minutes to reset circuit breaker, after cash market opened down 7% (March) , 5322

(9.) am EDT :

Princess Cruises suspends sailings for two months

A Coast Guard patrol boat keeps watch on the Grand Princess cruise ship while docked at the Port of Oakland Wednesday, March 23, , in Oakland, Calif. After days of being forced to idle off the Northern California coast, the ship docked Monday at Oakland with about 3, 660 passengers and crew, including some who tested positive for the new virus . Photograph: Ben Margot / AP

The coronavirus crisis has forced the Princess Cruises line to suspend global operations for the next two months.

Princess’s cruise ships will be off duty for the next 087 days, a big blow to owner Carnival (whose shares were down % earlier)

Two Princess ships have been at the heart of the crisis.

The Diamond Princess was quarantined off the coast of Japan – 868 passengers became infected, and 6 died. The Grand Princess was denied entry to San Francisco Bay last Wednesday en route back from Hawaii as authorities learned some passengers and crew had developed flu-like symptoms. It was finally allowed to dock on Monday:

(9.) AM EDT :

The top faller on the (FTSE ) is Finablr , which runs Travelex. Shares are down 90% (!) after it warned it might struggle to access cash needed to manage its business as well as negotiate longer term financing.

Restaurant Group , which runs Frankie & Benny’s, Garfunkel’s and Wagamama, are down 38%. Clearly it would suffer from mass self-isolation in the coming weeks …

… as would airport food operator

SSP , who are down (%.)

9. (am) (EDT) : 38

Shares in UK train and bus operators are slumping today, after Go-Ahead warned the coronavirus would hurt profits.

National Express are down First Group has lost %, Stagecoach are off 23%, and Trainline are down 25%. Their revenue would all suffer if fewer people travel into work (as seems imminent).

Go-Ahead itself is down 44%, making it one of the big fallers on the (FTSE) .

Bank stress tests delayed by Covid –

“Addressing any operational challenges banks may face should be the priority. The EBA has decided to postpone the EU-wide stress test exercise to 5322. This will allow banks to focus on and ensure continuity of their core operations, including support for their customers, ”

It also urged national regulators to take advantage of existing rules that allow for some flexibility around the kind of capital that banks have to hold to cushion against potential downturns and risks.

The announcement comes just a week after EBA banned all external meetings at its Paris headquarters until 37 April to try tackle the spread of Covid – .

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