FTSE 100 suffers biggest one-week drop since financial crisis

Good morning, this is Louis Ashworth, having in excess of the website for our normal protection of the London trading session. I’ll be monitoring the continued drop on European markets, and also bringing you the newest new of business, economics, revenue and tech.

Here’s what you will need to know this morning.

Stock markets in the US and Europe plunged into correction territory ­yesterday as panic in excess of the distribute of coronavirus activated a wave of contemporary promote-offs. On Wall Road, the Dow Jones recorded its most important one-working day place fall at any time, closing down one,191 factors at twenty five,760, while in London the FTSE one hundred dropped yet another 3.5pc to 6796.four.

Asian markets spiralled downwards on Friday, monitoring a collapse in New York and Europe as the coronavirus distribute swiftly all-around the entire world with the WHO warning the lethal epidemic was now at a “decisive point”.

Tokyo and Jakarta were hammered a lot more than four %, while Shanghai, Sydney, Seoul and Bangkok tanked a lot more than 3 % just about every.

The casualties have set equities all-around the entire world on class to document their worst week because the world-wide financial disaster a lot more than a decade in the past as traders operate to the hills on fears the virus will smash the world-wide economy.

five points to begin your working day

one) Personnel at embattled hospital operator NMC Wellness say they have not been paid on time amid a meltdown that compelled it to suspend trading of its shares yesterday. The City watchdog has introduced a official investigation into NMC following an interior investigation uncovered a raft of magic formula personal loan agreements involving businesses owned by founder BR Shetty.

2) The two international locations that command the fate of electrical cars: Chile is blessed with bountiful lithium and copper reserves, while the Democratic Republic of Congo is the supply of 3-quarters of the world’s cobalt – and a really massive provider of copper, much too.