FTSE 100 on course for year’s worst session on coronavirus scare

ftse 100 on course for years worst session on coronavirus scare

Sumary of FTSE 100 on course for year’s worst session on coronavirus scare:

  • The London Stock Exchange Group offices are seen in the City of London, December 29, 2017. — Reuters pic LONDON, Nov 26 — UK’s blue-chip index slumped today and was on course for its biggest drop in more than a year, as fears over a newly detected and possibly vaccine-resistant coronavirus variant gripped global stock markets.
  • The FTSE 100 index declined 3 per cent in morning trade and hit its lowest in more than seven weeks, with commodity, travel, and banking stocks leading the sell-off.
  • Britain said the virus variant spreading in South Africa was considered by scientists to be the most significant one found yet and so it needed to ascertain whether it made vaccines ineffective.
  • Tourism group TUI fell 9.7 per cent while airline companies like Wizz Air, Easyjet and British Airways-owner IAG lost 6.8 per cent to 10.1 per cent after UK authorities imposed travel restrictions from South Africa and five neighbouring countries.
  • “We don’t know so much about this variant yet but if it’s serious, it could change the macro scenarios altogether,” said Roland Kaloyan, head of European equity strategy at Societe Generale.

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