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Lockdown fears hit travel, hotel and pub shares | |
(32 minutes later) | |
Leading shares across Europe have fallen sharply in morning trading amid fears that a renewed rise in coronavirus cases will blight economic prospects. | Leading shares across Europe have fallen sharply in morning trading amid fears that a renewed rise in coronavirus cases will blight economic prospects. |
In London, the benchmark FTSE 100 share index was down more than 3%, with airlines, travel firms, hotel groups and pubs leading the rout. | In London, the benchmark FTSE 100 share index was down more than 3%, with airlines, travel firms, hotel groups and pubs leading the rout. |
Worst hit was British Airways owner IAG, which slumped more than 12%. | Worst hit was British Airways owner IAG, which slumped more than 12%. |
Similar falls were seen on markets in Paris, Frankfurt and Madrid. | Similar falls were seen on markets in Paris, Frankfurt and Madrid. |
Banking shares were affected by an extra set of concerns as allegations of money-laundering surfaced in leaked secret files. | Banking shares were affected by an extra set of concerns as allegations of money-laundering surfaced in leaked secret files. |
HSBC, the bank at the centre of the scandal, saw its share price fall more than 5% in London, but the revelations dragged down the entire sector, with Barclays, Lloyds and NatWest all dropping about 6%. | HSBC, the bank at the centre of the scandal, saw its share price fall more than 5% in London, but the revelations dragged down the entire sector, with Barclays, Lloyds and NatWest all dropping about 6%. |
The downward trend affected all but a handful of stocks on the UK's 100-share index. Only online delivery service Just Eat, supermarkets Tesco and Ocado and miner Fresnillo made it into positive territory. | |
The pound also lost ground against the dollar, falling 0.58% to $1.2848. It fell marginally against the euro to €1.0902. | |
Coronavirus cases have been surging in many European countries, as governments strive to avoid another round of national lockdowns. | Coronavirus cases have been surging in many European countries, as governments strive to avoid another round of national lockdowns. |
In the UK, top scientists are warning that the country is at a "critical point" in the pandemic and "heading in the wrong direction". | In the UK, top scientists are warning that the country is at a "critical point" in the pandemic and "heading in the wrong direction". |
Prime Minister Boris Johnson is understood to be considering a two-week mini-lockdown in England - being referred to as a "circuit-breaker" - in an effort to stem widespread growth of the virus. | Prime Minister Boris Johnson is understood to be considering a two-week mini-lockdown in England - being referred to as a "circuit-breaker" - in an effort to stem widespread growth of the virus. |