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| FTSE 100 hits four-month low as stock market sell-off continues – business live | FTSE 100 hits four-month low as stock market sell-off continues – business live |
| (32 minutes later) | |
| European markets are in the red again after Dow plunged by 1,000 points last night | European markets are in the red again after Dow plunged by 1,000 points last night |
| US shoe vendor Wolverine World Wide has warned that the coronavirus will hurt its profitability, by disrupting its supply chain and cutting sales. | |
| Wolverine, whose brands include Hush Puppies, Merrell and Bates, predicts that Covid-19 will knock $30m off its revenues in the first half this year. | |
| That will also reduce profits by around 4%, or 10 cents per share, to around $2.20 per share. | |
| It says: | |
| The coronavirus is having a painful impact on Italy, forcing several towns to lock down. | The coronavirus is having a painful impact on Italy, forcing several towns to lock down. |
| The Italian economy was already on the brink of recession, and financial analyst Kathleen Brooks of Minerva fears it could be driven in to a deep crisis: | The Italian economy was already on the brink of recession, and financial analyst Kathleen Brooks of Minerva fears it could be driven in to a deep crisis: |
| The coronavirus crisis is also causing ructions in the bond market. | The coronavirus crisis is also causing ructions in the bond market. |
| The cost of insuring junk-rated company debt has hit its highest level since October, Bloomber’s Katie Linsell points out. That reflects concerns that a pandemic could leave some firms unable to repay their debts. | The cost of insuring junk-rated company debt has hit its highest level since October, Bloomber’s Katie Linsell points out. That reflects concerns that a pandemic could leave some firms unable to repay their debts. |
| After another tough morning, 87 of the 100 companies on the FTSE 100 are in the red as lunchtime approaches. | After another tough morning, 87 of the 100 companies on the FTSE 100 are in the red as lunchtime approaches. |
| Neil MacKinnon, Global Macro Strategist at VTB Capital, says investors are right to be very worried: | Neil MacKinnon, Global Macro Strategist at VTB Capital, says investors are right to be very worried: |
| Newsflash! Britain’s FTSE 100 has hit a new four-month low, as markets slide again. | Newsflash! Britain’s FTSE 100 has hit a new four-month low, as markets slide again. |
| The blue-chip index is now down 55 points at 7100, an 0.8% drop. That’s its lowest level since 4th October, adding to the 247 points lost yesterday. | The blue-chip index is now down 55 points at 7100, an 0.8% drop. That’s its lowest level since 4th October, adding to the 247 points lost yesterday. |
| Engineering firm Meggitt and chemicals group Croda are the top fallers, down 4.4% and 3.2% respectively, after they warned that the coronavirus will hurt their businesses this year (as reported earlier). | Engineering firm Meggitt and chemicals group Croda are the top fallers, down 4.4% and 3.2% respectively, after they warned that the coronavirus will hurt their businesses this year (as reported earlier). |
| The travel industry is also sliding again, with TUI down 3% and easyJet down 2% | The travel industry is also sliding again, with TUI down 3% and easyJet down 2% |
| Stocks are under pressure across Europe too, in the face of the latest cases in Iran, Italy and the Canaries. The Stoxx 600 index has lost another 1%, on top of its 3.3% fall on Monday. | Stocks are under pressure across Europe too, in the face of the latest cases in Iran, Italy and the Canaries. The Stoxx 600 index has lost another 1%, on top of its 3.3% fall on Monday. |
| David Madden of CMC Markets says investors are fretting about a global Covid-19 pandemic: | David Madden of CMC Markets says investors are fretting about a global Covid-19 pandemic: |
| Hopes of a recovery on Wall Street have fizzled out too.... | Hopes of a recovery on Wall Street have fizzled out too.... |
| Hong Kong has posted some shockingly bad trade data today, which show that its economy is sinking deeper into recession. | Hong Kong has posted some shockingly bad trade data today, which show that its economy is sinking deeper into recession. |
| Hong Kong’s exports plummeted the most in more than a decade in January, down 22.7% year-on year. Imports dropped by 16.4%, their 14th monthly decline in a row. | Hong Kong’s exports plummeted the most in more than a decade in January, down 22.7% year-on year. Imports dropped by 16.4%, their 14th monthly decline in a row. |
| Hong Kong’s economy was already shrinking, following the long pro-democracy protests last year. The coronavirus crisis is dealing another blow to its tourism sector, forcing shops to close. | Hong Kong’s economy was already shrinking, following the long pro-democracy protests last year. The coronavirus crisis is dealing another blow to its tourism sector, forcing shops to close. |
| Stephen Innes of AxiCorp says: | Stephen Innes of AxiCorp says: |
| Donald Trump then claimed that the stock markets would hit fresh heights if he were elected, but tumble if he loses in November. | Donald Trump then claimed that the stock markets would hit fresh heights if he were elected, but tumble if he loses in November. |
| The US stock market has gained over 40% since Trump’s shock win in 2016, and there probably is some nervousness on Wall Street about Elizabeth Warren or Bernie Sanders clamping down on the financial sector. | The US stock market has gained over 40% since Trump’s shock win in 2016, and there probably is some nervousness on Wall Street about Elizabeth Warren or Bernie Sanders clamping down on the financial sector. |
| This week’s jitters, though, are definitely virus-related.. | This week’s jitters, though, are definitely virus-related.. |
| Just in: Donald Trump is discussing yesterday’s market tumble, on his trip to New Delhi. | Just in: Donald Trump is discussing yesterday’s market tumble, on his trip to New Delhi. |
| The stock markets don’t appear to share Donald Trump’s view that the coronavirus is under control, says Pierre Veyret, technical analyst at ActivTrades. | The stock markets don’t appear to share Donald Trump’s view that the coronavirus is under control, says Pierre Veyret, technical analyst at ActivTrades. |
| He writes: | He writes: |
| The White House is facing heavy criticism for not reacting faster to Covid-19, but has now requested $2.5bn in emergency funding. | The White House is facing heavy criticism for not reacting faster to Covid-19, but has now requested $2.5bn in emergency funding. |
| Last night, Donald Trump tweeted that the stock market was looking ‘very good’ -- effectively encouraging Americans to buy shares following the Dow’s 1,000-point dive. | Last night, Donald Trump tweeted that the stock market was looking ‘very good’ -- effectively encouraging Americans to buy shares following the Dow’s 1,000-point dive. |
| European stock markets are now all in the red again, as coronavirus fears rear up again. | European stock markets are now all in the red again, as coronavirus fears rear up again. |
| In another worrying development, authorities in Tenerife are testing hundreds of tourists after a visitor fell ill at a Canary Islands hotel. | In another worrying development, authorities in Tenerife are testing hundreds of tourists after a visitor fell ill at a Canary Islands hotel. |
| With Iran reporting two more deaths from Covid-19 a moment ago, and that latest case in Italy, traders are ditching equities again. | With Iran reporting two more deaths from Covid-19 a moment ago, and that latest case in Italy, traders are ditching equities again. |
| Here’s the damage: | Here’s the damage: |
| FTSE 100: Down 36 points or 0.5% at 7129 | FTSE 100: Down 36 points or 0.5% at 7129 |
| German DAX: Dow 46 points or 0.33% at 12,988 | German DAX: Dow 46 points or 0.33% at 12,988 |
| French CAC: down 24 points or 0.4% at 5,767 | French CAC: down 24 points or 0.4% at 5,767 |
| Italian FTSE MIB: down 147 points or 0.6% at 23,277 | Italian FTSE MIB: down 147 points or 0.6% at 23,277 |
| Spanish IBEX: down 69 points or 0.7% at 9,414 | Spanish IBEX: down 69 points or 0.7% at 9,414 |