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Coronavirus: UK stocks fall despite stimulus plans Coronavirus: UK stocks fall despite stimulus plans
(32 minutes later)
UK stocks have fallen as major UK and US stimulus plans failed to quell worries about the coronavirus pandemic.UK stocks have fallen as major UK and US stimulus plans failed to quell worries about the coronavirus pandemic.
The FTSE 100 index of top UK companies fell more than 3.5% in early trading, with miners, oil and gas companies and life insurers leading the declines.The FTSE 100 index of top UK companies fell more than 3.5% in early trading, with miners, oil and gas companies and life insurers leading the declines.
It came after Wall Street's main indexes rebounded by more than 5% on Tuesday following Monday's steep falls.It came after Wall Street's main indexes rebounded by more than 5% on Tuesday following Monday's steep falls.
In the US, the Trump administration outlined a $1 trillion (£830bn) package to support the world's biggest economy.In the US, the Trump administration outlined a $1 trillion (£830bn) package to support the world's biggest economy.
And on Tuesday UK chancellor Rishi Sunak revealed more stimulus measures for UK firms, including £330bn of business loans.And on Tuesday UK chancellor Rishi Sunak revealed more stimulus measures for UK firms, including £330bn of business loans.
It includes £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered.It includes £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered.
Mr Sunak told a news conference that it was an "economic emergency. Never in peacetime have we faced an economic fight like this one."Mr Sunak told a news conference that it was an "economic emergency. Never in peacetime have we faced an economic fight like this one."
However, stimulus measures taken globally failed to buoy up Asian stocks.However, stimulus measures taken globally failed to buoy up Asian stocks.
Japan's benchmark Nikkei 225 ended down by 1.7%, the Hang Seng in Hong fell by 3.3%, and China's Shanghai Composite closed 1.8% lower. US stock market futures were also indicating a weaker open for Wall Street.Japan's benchmark Nikkei 225 ended down by 1.7%, the Hang Seng in Hong fell by 3.3%, and China's Shanghai Composite closed 1.8% lower. US stock market futures were also indicating a weaker open for Wall Street.
Earlier US Treasury Secretary Steven Mnuchin said he supports sending money directly to Americans as part of a $1tn stimulus aimed at averting an economic crisis caused by the coronavirus.Earlier US Treasury Secretary Steven Mnuchin said he supports sending money directly to Americans as part of a $1tn stimulus aimed at averting an economic crisis caused by the coronavirus.
"We're looking at sending cheques to Americans immediately," he said."We're looking at sending cheques to Americans immediately," he said.
The $250bn in cheques are part of a huge aid package which the White House is discussing with Congress.The $250bn in cheques are part of a huge aid package which the White House is discussing with Congress.
A $1tn aid package - roughly the size of the entire UK budget - would be larger than the US response to the 2008 financial crisis, amounting to nearly a quarter of what the US federal government spent last year.A $1tn aid package - roughly the size of the entire UK budget - would be larger than the US response to the 2008 financial crisis, amounting to nearly a quarter of what the US federal government spent last year.
In Japan Prime Minister Shinzo Abe is reportedly forming a panel of key economic ministers and Bank of Japan Governor Haruhiko Kuroda to discuss measures to prop up an economy hit by the fallout from the coronavirus epidemic.In Japan Prime Minister Shinzo Abe is reportedly forming a panel of key economic ministers and Bank of Japan Governor Haruhiko Kuroda to discuss measures to prop up an economy hit by the fallout from the coronavirus epidemic.
The move would put Japan in line with nations across the globe preparing measures to combat the impact of the coronavirus that has pushed economies around the world towards recession.The move would put Japan in line with nations across the globe preparing measures to combat the impact of the coronavirus that has pushed economies around the world towards recession.
Big shifts in the stock market are often in the news, whether they are booms or falls owing to coronavirus or the financial crisis.
As companies grow, they issue shares. The largest companies in the UK have shares which are bought and sold on the London Stock Exchange.
Their collective performance is often quoted amid a blizzard of numbers that may feel confusing and irrelevant. Rarely does anyone mention during a coffee with friends that the FTSE 100 has dropped well below 7,000 points.
But there are good reasons why this performance affects your life and finances.
Many people's initial reaction to "the markets" is that they are not directly affected, because they do not invest money.
Yet there are millions of people with a pension - either private or through work - who will see their savings (in what is known as a defined contribution pension) invested by pension schemes. The value of their savings pot is influenced by the performance of these investments.
Read more here.