Wall Street plunges 7% amid fears of global recession triggered by coronavirus – business live - MW
Trading halted on Wall Street!
Newsflash: Trading has been briefly suspended on the New York stock exchange.
The 7% plunge on the S&P 500 has triggered automatic circuit breakers, which are designed to prevent a market meltdown.
Trading is now on hold for 15 minutes, to let investors catch their breath.
But European markets aren’t suspended -- they’re plunging further into the red, with the FTSE 100 now down 8.3% today (its worst rout since 2008).
Dominic Rushe
The Wall Street bell was rung by a group of women from Citi. The group knocked elbows rather than shaking hands in a nod to Covid-19 -- before the selloff began....
US stocks tumble 7%
NEWSFLASH: The US stock market has plunged by nearly 7% at the start of trading.
The Dow Jones industrial average has tumbled by 1,758 points -- or almost 7% -- as Wall Street joins the global selloff.
That’s the Dow’s biggest points slump ever -- and on track for its worst day in percentage terms since 2008.
The S&P 500 index, which is a broader measure of US companies, is also down more than 6%, with oil companies and banks among the biggest fallers.
The Wall Street opening bell is about to be rung.....
Ahead of what could be a ghastly session on Wall Street, President Donald Trump has defended the US response to the coronavirus:
Dominic Rushe
With just minutes before US stock markets open there is a chance we could see “circuit breakers” put in to action.
Circuit breakers pause trading if the markets fall a certain percentage. The first one would be triggered if the S&P 500 drops 7% - which looks easily possible right now.
Trading would stop for 15 minutes. The next level is a 13% decline. Gulp.
One exchange-traded fund (ETF) is suggesting the S&P 500 could fall 7%, although there’s a lot of uncertainty right now.
US technology stocks are expected to plunge at the Wall Street open, with Apple down over 7% in pre-markets trading.
FAANG all session stocks down over 6% #AAPL down 7.5% in pre-market. At @IGcom you can trade the US FANG index - down 8% as #MarketSlump s on #COVID19 and #oilprice
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The FTSE 100 is now down 7.6%, or 486 points, at 5967 -- a three-year low -- as another burst of sell orders rattle through trading floors....
Financial research group TS Lombard have predicted that Covid-19 will drag the global economy into a “major recession”.
It will also forcing stocks into a bear market, they fear (as is already happening in some markets today).
In a new note, chief economist Charles Dumas writes:
Global spread of the Covid-19 virus looks likely to cause a worldwide recession and bear market in stocks.
Nobody knows how serious the disease is likely to be. But The Brookings Institution’s estimates suggest a reasonable likelihood that 10% of the US population will catch the virus, and of those at least 1% will die.
As that implies more than 300,000 US deaths, personal fear is rational – there is more to fear than ‘fear itself’.
Here are the key points from his note:
- Coronavirus seems likely to cause a major recession and bear market
- Confined to China, the disease was a supply-side menace, but limited
- Spread globally, it is far less easily tackled than in authoritarian China
- US consumers’ major cutbacks could cut Q2 GDP sharply
- Big Chinese infrastructure-build to focus recovery on manufacturing
- European crisis most acute in Italy – could turn into financial crisis
- US stocks likely to fall to 2500 on the S&P, down 26% from peak
Budget airline easyJet says it is cancelling some flights to Italy, following the mass quarantine measures announced by Rome over the weekend.
Here’s the statement:
Following a decree issued by the Italian authorities implementing further restrictions for anyone living in Lombardy and 14 other central and northern provinces in Italy, easyJet in common with a number of other airlines is reviewing its flying programme to Milan Malpensa, Milan Linate, Venice and Verona airports for the period from now until 3 April 2020.
“In the short-term we will be cancelling a number of flights to and from these destinations on Monday 9 March. We will be advising all affected passengers of the cancellations by email and SMS.
Customers on flights scheduled to operate to and from these airports will be given the option of a full refund or to change their flight.
“We expect to continue to reduce the number of flights in and out of Milan Malpensa, Milan Linate, Venice and Verona airports in the period up to 3 April and will provide a further update on our schedule in due course.
“Whilst these circumstances are outside of our control, we apologise to all affected customers for any inconvenience caused.”
MW
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