Coronavirus crisis: FTSE and Dow plummet as deadly outbreak sparks global financial panic

Monday, February 24, 2020
By Paul Martin

THE FTSE 100 has plummeted on Monday amid increasing panic the coronavirus outbreak is hitting stock prices and will be declared a global crisis.

Mon, Feb 24, 2020

The London-based FTSE 100 stock market plunged 3.5 percent lower by mid-morning – it’s lowest level since December – while the NASDAQ-100 fell by two percent as coronavirus panic swept through the world. Italy’s MIB index was down more than four percent, while declines in global financial powerhouses France and Germany were sharper than normal in European trading. South Korea’s KOSPI stock market closed down 3.9 percent following news of seven deaths in the country and 700 confirmed cases of COVID-19.

The pan-European Stoxx 600 benchmark also lost 3.5 percent of its value.

The Dow Jones fell nearly 900 points at the open.

Fear is sweeping through global stock markets, with economists downgrading growth forecasts for China and the wider global economy.

Oxford Economics has warned world financial output could flatline during the first half of this year if the coronavirus outbreak is declared a global crisis by the World Health Organisation (WHO).

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