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Getty Photos
Shares have dived after US President Donald Trump restricted journey to the US from mainland Europe in a bid to gradual the unfold of the coronavirus.
London’s FTSE 100 index sank greater than 4% within the first couple of minutes of commerce.
Earlier, shares in Asia noticed huge falls, with Japan’s benchmark Nikkei 225 index closing 4.4% decrease,
It adopted steep losses in US shares on Wednesday, with the Dow Jones plunging by nearly 1,500 factors, or 5.8%.
Oil costs additionally fell, with Brent crude down greater than 5% at $33.85 a barrel.
On Wednesday, the World Health Organization declared the coronavirus outbreak a pandemic.
Elsewhere in Asia, the Cling Seng index in Hong Kong misplaced 3.6% and China’s Shanghai Composite was down by 1.9%.
The falls got here after Mr Trump introduced a ban on travellers from 26 European nations getting into america for 30 days, beginning on Friday, with a view to struggle the coronavirus outbreak.
In a televised deal with from the Oval Workplace, Mr Trump mentioned the restrictions didn’t apply to the UK.
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AFP VIA GETTY IMAGES
US President Donald Trump mentioned new, non permanent journey restrictions wouldn’t apply to the UK
He additionally introduced monetary aid for US staff who’re unwell, quarantined or caring for others due to the sickness.
The emergency motion may even see the US Treasury Division deferring tax funds with out curiosity or penalties for sure companies and people affected.
On the identical time, the US authorities will present capital and liquidity to small corporations affected by the outbreak.
The falls in US shares imply the Dow is now 20% under its latest excessive, pushing it into what is called a “bear market”. That brings to an finish the longest streak of beneficial properties for US shares thus far, which began in 2009.
“It’s not the virus itself, however reasonably the worry and panic associated to the virus and the related altered financial behaviour that might be a dangerous tipping level, forcing the worldwide economic system onto a darker path,” mentioned Katrina Ell, a senior economist at Moody’s Analytics.
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