Business
UK stock market fluctuates as no plans are announced to thwart coronavirus
The London Stock Exchange lost its momentum at the start after opening 2.5%, with investors hoping for a stimulus package to fight panic over the coronavirus.
The FTSE 100 gained more than 2.5% to reach 6758 at the opening, the oil giants BP and Royal Dutch Shell becoming the biggest increases after adding 4% each.
By 10:30 a.m., it had dropped to 1.2% (6,663) after the early earnings had declined during the morning. The FTSE 250 is currently at 19,389, an increase of 0.30%.
Investors now expect central banks around the world to launch a coordinated effort to lower interest rates and support growth as part of a monetary stimulus package.
This morning, the Bank of England raised investors' hopes by promising to take "all necessary steps" to revive the economy.
"The Bank continues to monitor developments and assess its potential impacts on the global and UK economies and financial systems," said a spokesperson.
The Bank works closely with HM Treasury and the FCA – as well as with our international partners – to ensure that all necessary measures are taken to protect financial and monetary stability. "
The attention of investors in Britain will also turn to new Brexit negotiations, starting today, which aim to conclude a trade deal by the end of the year. # 39; year to govern everything from aviation to fishing and student exchanges.
This comes after British companies lost more than $ 250 billion last week amid the fallout from the coronavirus.
As the first British death has been confirmed, stocks around the world have plunged, triggering an alarming drop in the value of pensions and savers' investments.
The rout routed 4.6 billion global stocks in just a week, as the European, Asian and U.S. markets were hammered.
The FTSE 100 fell further 3.2% or 54.2 billion on Friday to reach the lowest level since July 2016, shortly after the Brexitre referendum.
It had lost 11.1% or 206.6 billion of its value since the markets opened on Monday morning.
On Friday, the biggest casualty was travel giant TUI, which saw its shares plunge 9.5%.
The weekly route on the FTSE 100 is the third largest on record, after the credit crunch in 2008 and the black Wednesday crash in 1987.
The broader FTSE 250 index fell 2.29% to 8.2 billion. It lost $ 44.4 billion or 11.3% of its value last week.
The vast majority of savers will have money tied up in FTSE 100 companies, whether in pensions, investment funds, or stock market ISAs.
Russ Mold of the investment firm AJ Bell described it as a "catastrophic day for investors", but said the reaction of the financial markets was exaggerated.
Emma Wall, of Hargreaves Lansdown, said: “ The market can trigger our fight or flight instinct, but when the market is going down, it's probably the worst time to sell because you are selling at a price less precious. & amp; # 39;
She added that "the best thing to do would be to try to ignore it".
Elsewhere, Nikkei of Japan fell sharply on Thursday night, fearing that the Olympics this summer may be canceled.
On Wall Street, the Dow Jones suffered its largest daily record point drop last Thursday, and fell 3% on Friday.
Global stocks also had their worst week since the financial crisis, losing a tenth of their value last week.
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