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| Version 5 | Version 6 |
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| Coronavirus: UK stocks dive despite stimulus plans | Coronavirus: UK stocks dive despite stimulus plans |
| (32 minutes later) | |
| UK stocks tumbled on Wednesday as major UK and US stimulus plans failed to quell worries about the economic impact of the coronavirus pandemic. | UK stocks tumbled on Wednesday as major UK and US stimulus plans failed to quell worries about the economic impact of the coronavirus pandemic. |
| The FTSE 100 index of top UK firms dived more than 5%, with aerospace firms, travel companies and housing firms leading the declines. | The FTSE 100 index of top UK firms dived more than 5%, with aerospace firms, travel companies and housing firms leading the declines. |
| The pound meanwhile hit a six-month low against the dollar to trade at $1.1966. | |
| It came despite the US on Tuesday outlining a $1tn (£830bn) package to support the world's biggest economy. | It came despite the US on Tuesday outlining a $1tn (£830bn) package to support the world's biggest economy. |
| UK chancellor Rishi Sunak also revealed a £350bn stimulus package for UK firms, including £330bn of business loan guarantees. | |
| It also included aid to cover a business rates holiday and grants for retailers and pubs. Help for airlines is also being considered. | |
| Mr Sunak told a news conference: "Never in peacetime have we faced an economic fight like this one." | Mr Sunak told a news conference: "Never in peacetime have we faced an economic fight like this one." |
| US stock market futures were also indicating a weaker open for Wall Street on Wednesday, despite the main indexes rebounding more than 5% on Tuesday. | US stock market futures were also indicating a weaker open for Wall Street on Wednesday, despite the main indexes rebounding more than 5% on Tuesday. |
| The stimulus measures taken globally also failed to buoy Asian stocks. Japan's benchmark Nikkei 225 ended Wednesday 1.7% lower, the Hang Seng in Hong Kong fell by 3.3%, and China's Shanghai Composite lost 1.8%. | The stimulus measures taken globally also failed to buoy Asian stocks. Japan's benchmark Nikkei 225 ended Wednesday 1.7% lower, the Hang Seng in Hong Kong fell by 3.3%, and China's Shanghai Composite lost 1.8%. |
| On Tuesday, US Treasury Secretary Steven Mnuchin said he supports sending money directly to Americans as part of a $1tn stimulus plan aimed at averting an economic crisis caused by the virus. | On Tuesday, US Treasury Secretary Steven Mnuchin said he supports sending money directly to Americans as part of a $1tn stimulus plan aimed at averting an economic crisis caused by the virus. |
| The overall aid package 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. | The overall aid package 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 the economy. | 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 the economy. |
| The move, which would bring Japan in line with other nations, is designed at averting an economic crisis in the country, which some fear could tip into recession. | The move, which would bring Japan in line with other nations, is designed at averting an economic crisis in the country, which some fear could tip into 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. | 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. | 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. | 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. | 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. | 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. | 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. | Read more here. |