|Day's Range||5,396.66 - 5,486.29|
|52 Week Range||4,898.80 - 7,727.50|
Market volatility will continue until the spread of the virus abates. The numbers suggest that we are some way off…
Shares of Barclays , HSBC , Lloyds Banking Group , Royal Bank of Scotland and Standard Chartered dropped between 5% and 12%, dragging the FTSE 100 lower by 3.8%. "We worry that the move undermines confidence in the regulatory framework and raises cost of capital," BofA Global Research's Rohith Chandra-Rajan wrote in a client note, adding he expected no payouts from domestic UK banks until 2021. The FTSE 100 recorded its worst quarter since 1987 on Tuesday amid growing evidence of pain for businesses and economic growth from the pandemic that led to a 27% increase in the number of deaths in Britain on Tuesday.
The pan-European STOXX 600 index closed 2.9% down, with Tuesday's session rounding off its worst quarter in nearly 18 years during which it lost about $2.8 trillion in market value. "It would be naive to assume that the virus saga is already priced in," said Charalambos Pissouros, senior market analyst at JFD Group.
European stock markets traded sharply lower Wednesday, as the latest round of purchasing manager surveys across Asia and Europe kept investors focused on the scale of the economic crisis caused by the coronavirus pandemic. The broader based Stoxx 600 Europe index dropped 2.8%. Factory activity also dropped sharply across most of Asia in March, according to Markit's PMIs, with regional economic powerhouses Japan and South Korea, major exporters to Europe, posting their biggest contractions in about a decade.
The FTSE 100 index rose 2%, with cigarette maker Imperial Brands surging 12.3% as it secured a new credit line and said it was not seeing any major hit to business from the coronavirus pandemic. Oil prices steadied following a near collapse on Monday, as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilising energy markets, boosting Royal Dutch Shell Plc and BP Plc by more than 6%.
Standard Chartered has told staff it is freezing all external and internal hiring for two months and signalled it is likely to cut bonuses for 2020, as the Asia and Africa-focused lender grapples with the fallout from the coronavirus pandemic. The FTSE 100 bank would also re-prioritise discretionary investment for the time being, the company said in a memo seen by Reuters. The memo said the lender expected to have to make "sensible adjustments" to any variable compensation for 2020 given its finances were "likely to be challenged".
The FTSE 100 index rose 1%, recovering from early losses as AstraZeneca gained 4.4% after U.S. regulators approved its treatment against an aggressive type of lung cancer in previously untreated patients. A weaker pound following a Fitch's cut to Britain's sovereign debt rating also helped the big dollar earners on the index. The FTSE midcap index fell 1%, with shopping centre operator Hammerson sliding 22% to the bottom after it suspended its final dividend and said the outbreak would have a material impact on its earnings.
At 3:35 AM ET, U.S. crude futures traded 6.0% lower, at $20.21 a barrel, on the prospect of lower U.S. fuel demand for longer. The international benchmark Brent contract fell 6.0% to $26.26.
It’s a particularly busy week ahead. Economic data, Brexit negotiations, and updates on the coronavirus will continue to keep the markets on edge.
After a three-day surge driven by government and central bank measures to lessen the blow from the coronavirus crisis, the blue-chip FTSE 100 fell by 5.3%. Losses accelerated after Johnson's announcement that he is self-isolating in London, but he would still lead the British government's response to the pandemic. "It's a gut reaction by markets which is not justified by what's happened," Rupert Thompson, chief investment officer at Kingswood said of the FTSE's fall.
European stock markets traded lower Friday, with investors taking stock after recent hefty gains and as the coronavirus pandemic continues to reap damage throughout the region. The broader based Stoxx 600 Europe index dropped 2.5%. The number of Covid-19 infections have continued to mount worldwide, to well above 500,000, but the news from Italy, the epicenter of the outbreak in Europe, has been disappointing as infections surged Thursday by 6,153, the most in five days.
European stock markets pushed lower Thursday, amid concerns about the extent of the economic damage caused by coronavirus pandemic as investors still wait for action from policy makers. The broader based Stoxx 600 Europe index dropped 1.0%. The latest economic releases in Europe showed German consumer morale hitting its lowest level since 2009 while French business confidence plunged at a record pace in March, to its lowest since 2014.
Yahoo Finance’s Tom Belger joins the On The Move panel to break down the latest news from the United Kingdom amid the coronavirus outbreak.