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You can find the current article at its original source at https://www.theguardian.com/business/live/2020/mar/12/stock-markets-tumble-trump-europe-travel-ban-ecb-christine-lagarde-business-live
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| Stock markets tumble as Trump's Europe travel ban shocks investors - business live | Stock markets tumble as Trump's Europe travel ban shocks investors - business live |
| (32 minutes later) | |
| Rolling coverage of the latest economic and financial news, as world stock markets plunge again | Rolling coverage of the latest economic and financial news, as world stock markets plunge again |
| It’s just passed noon, and there’s no recovery in the City. | |
| The FTSE 100 is still being hammered, down 5.7% or 341 points at 5534. Every share is still down. | |
| Holiday firms Carnival and TUI are among the worst of a very bad lot, down 14% each. | |
| Thameslink and Southeastern rail operator Go-Ahead is in discussions with the Government on relaxing the rules around timetable changes to cope with the conoravirus pandemic, reports the Press Association | Thameslink and Southeastern rail operator Go-Ahead is in discussions with the Government on relaxing the rules around timetable changes to cope with the conoravirus pandemic, reports the Press Association |
| Chief executive David Brown explained he is hoping to be allowed to make changes faster than the current 70-day notice period. | Chief executive David Brown explained he is hoping to be allowed to make changes faster than the current 70-day notice period. |
| Food delivery group Deliveroo has introduced a “no contact drop-off service” as concern grows about the coronavirus pandemic in the UK. | Food delivery group Deliveroo has introduced a “no contact drop-off service” as concern grows about the coronavirus pandemic in the UK. |
| The app-based food delivery company told customers they will be able to request in the app that their food is left on the doorstep, thus “removing the need for direct contact for both parties.” | The app-based food delivery company told customers they will be able to request in the app that their food is left on the doorstep, thus “removing the need for direct contact for both parties.” |
| A spokesperson says this will keep customers, riders and restaurants safer. | A spokesperson says this will keep customers, riders and restaurants safer. |
| The coronavirus crisis has forced housebuilder Berkeley Group to suspend a £455m payout to shareholders, a mixture of dividends and share buybacks, until there is greater clarity on the economic impact of the pandemic. | The coronavirus crisis has forced housebuilder Berkeley Group to suspend a £455m payout to shareholders, a mixture of dividends and share buybacks, until there is greater clarity on the economic impact of the pandemic. |
| It added that there had been “no noticeable impact” on its business so far. | It added that there had been “no noticeable impact” on its business so far. |
| The US travel ban could pile further pressure on oil markets by cutting demand for jet fuel, according to Rystad Energy. | The US travel ban could pile further pressure on oil markets by cutting demand for jet fuel, according to Rystad Energy. |
| Oil prices fell to just above $33 a barrel this morning after President Trump’s ban on European flights for the next 30 days. | Oil prices fell to just above $33 a barrel this morning after President Trump’s ban on European flights for the next 30 days. |
| The Norwegian energy analysts said traders received the news “very negatively” for three reasons: first, the cancelled flights could dent demand for oil by around 600,000 barrels; but importantly the move also stokes fear of further economic slowdown, and undermines confidence in the governments’ handling of the fall-out. The oil market was already reeling from a double-blow due to the impact of the coronavirus and plans for an oil price war between Saudi Arabia and Russia. | The Norwegian energy analysts said traders received the news “very negatively” for three reasons: first, the cancelled flights could dent demand for oil by around 600,000 barrels; but importantly the move also stokes fear of further economic slowdown, and undermines confidence in the governments’ handling of the fall-out. The oil market was already reeling from a double-blow due to the impact of the coronavirus and plans for an oil price war between Saudi Arabia and Russia. |
| Rystad has warned that oil prices in the $20s are not far off if the pair battle for dominance by pouring more oil into the market while demand remains weakened by Covid-19. | Rystad has warned that oil prices in the $20s are not far off if the pair battle for dominance by pouring more oil into the market while demand remains weakened by Covid-19. |
| (Contango is when the price of a commodity today is lower than the forward price) | (Contango is when the price of a commodity today is lower than the forward price) |
| Ireland has just announced that schools, universities and childcare facilities will close until 29 March, due to Covid-19. | Ireland has just announced that schools, universities and childcare facilities will close until 29 March, due to Covid-19. |
| Acting PM Leo Varadkar also said people should limit mass gatherings, work from home where possible, and stagger their break times. | Acting PM Leo Varadkar also said people should limit mass gatherings, work from home where possible, and stagger their break times. |
| Lloyd’s of London’s temporary, one-day closure will affect thousands of brokers and underwriters. | Lloyd’s of London’s temporary, one-day closure will affect thousands of brokers and underwriters. |
| Just under 50,000 people hold a pass to the building, but don’t all turn up every day, and Friday is a quieter day, John Neal explains. | Just under 50,000 people hold a pass to the building, but don’t all turn up every day, and Friday is a quieter day, John Neal explains. |
| Newsflash: Lloyd’s of London will close its underwriting room for 24 hours from midnight, until midnight on Friday, says its chief executive John Neal. | Newsflash: Lloyd’s of London will close its underwriting room for 24 hours from midnight, until midnight on Friday, says its chief executive John Neal. |
| This closure of the four-floor ‘room’ will allow Lloyd’s to test its emergency protocols, and to deep clean the market. | This closure of the four-floor ‘room’ will allow Lloyd’s to test its emergency protocols, and to deep clean the market. |
| From next week, a third of workers on its risk team (around 100 people, out of 800 workers) will be working in the office, a third from home and a third from third party site, Neal explains. | From next week, a third of workers on its risk team (around 100 people, out of 800 workers) will be working in the office, a third from home and a third from third party site, Neal explains. |
| Neal says the underwriting room has never been closed before. He says there are no confirmed coronavirus cases at the corporation, but added that there are “anecdotal stories of one to two cases”. | Neal says the underwriting room has never been closed before. He says there are no confirmed coronavirus cases at the corporation, but added that there are “anecdotal stories of one to two cases”. |
| Bitcoin is tumbling too. | Bitcoin is tumbling too. |
| The crypto-currency has slumped from $7,859 last night to around $6,600 as I type, a drop of 15%. Trading is extremely volatile. | The crypto-currency has slumped from $7,859 last night to around $6,600 as I type, a drop of 15%. Trading is extremely volatile. |
| It appears to be suffering from the coronavirus pandemic, as people try to get hold of cash (perhaps to cover losses on other investments) | It appears to be suffering from the coronavirus pandemic, as people try to get hold of cash (perhaps to cover losses on other investments) |
| Richard Hunter, Head of Markets at interactive investor, warns that Wall Street is on track for another plunge in three hours time: | Richard Hunter, Head of Markets at interactive investor, warns that Wall Street is on track for another plunge in three hours time: |
| The number of brave souls trying to snap up shares, hoping we’re near the bottom of the slump, is falling too: | The number of brave souls trying to snap up shares, hoping we’re near the bottom of the slump, is falling too: |
| Warnings about corporate debt levels are coming home to roost en masse thanks to the coronavirus, flags up economics professor Nouriel Roubini: | Warnings about corporate debt levels are coming home to roost en masse thanks to the coronavirus, flags up economics professor Nouriel Roubini: |
| After over two hours of frenzied trading, European markets are still a mess - trading at their lowest levels since 2016. | After over two hours of frenzied trading, European markets are still a mess - trading at their lowest levels since 2016. |
| In London, the FTSE 100 is still down over 5%, having briefly hit its lowest level since 2012 this morning. That wipes another £80-odd billion off the index, pushing its coronavirus crisis losses over £450bn. | In London, the FTSE 100 is still down over 5%, having briefly hit its lowest level since 2012 this morning. That wipes another £80-odd billion off the index, pushing its coronavirus crisis losses over £450bn. |
| The top faller on the Footsie is now betting firm Flutter, after rival Betway was hit with an £11.6m penalty for taking stolen money from its VIP customers. | The top faller on the Footsie is now betting firm Flutter, after rival Betway was hit with an £11.6m penalty for taking stolen money from its VIP customers. |
| But otherwise, the top fallers are companies particularly exposed to president Trump’s travel ban - or the prospect of tighter movement controls in the UK. | But otherwise, the top fallers are companies particularly exposed to president Trump’s travel ban - or the prospect of tighter movement controls in the UK. |
| Rolls-Royce, which makes engines for the world’s aeroplane manufacturers, are down 12.5%. Holiday firm TUI are down 12%, with the summer booking season looking a complete washout. Cruise operator Carnival are down 9.9%. Whitbread, which runs the UK Premier Inn hotel chain, has lost 10.7% - as companies ban staff from attending conferences. | Rolls-Royce, which makes engines for the world’s aeroplane manufacturers, are down 12.5%. Holiday firm TUI are down 12%, with the summer booking season looking a complete washout. Cruise operator Carnival are down 9.9%. Whitbread, which runs the UK Premier Inn hotel chain, has lost 10.7% - as companies ban staff from attending conferences. |
| In Frankfurt, car maker Daimler, airline Lufthansa and Deutsche Bank have all lost 8% this morning. | In Frankfurt, car maker Daimler, airline Lufthansa and Deutsche Bank have all lost 8% this morning. |
| On the Paris market, steelmaker ArcelorMittal are down 9%, with carmaker Renault and airline manufacturer Airbus losing 8%. | On the Paris market, steelmaker ArcelorMittal are down 9%, with carmaker Renault and airline manufacturer Airbus losing 8%. |
| Stoxx 600: down 18 points or 5.5% at 315 | Stoxx 600: down 18 points or 5.5% at 315 |
| FTSE 100: down 320 points or 5.4% at 5558. | FTSE 100: down 320 points or 5.4% at 5558. |
| German DAX: down 553 points or 5.3% at 9,885 | German DAX: down 553 points or 5.3% at 9,885 |
| French CAC: down 251 points or 5.5% at 4,358 | French CAC: down 251 points or 5.5% at 4,358 |
| Italy’s FTSE MIB: down 983 points or 5.5% at 16,943 | Italy’s FTSE MIB: down 983 points or 5.5% at 16,943 |
| Spanish IBEX: down 440 points or 5.9% at 6,995 | Spanish IBEX: down 440 points or 5.9% at 6,995 |
| The US travel ban, and Italy’s increasingly severe lockdown, are triggering the rout, as analyst Marios Hadjikyriacos of City trading firm XM explains: | The US travel ban, and Italy’s increasingly severe lockdown, are triggering the rout, as analyst Marios Hadjikyriacos of City trading firm XM explains: |