Stock market plunges as spike in coronavirus cases outside of China sparks fears of a pandemic with airlines and mining companies the worst hit
The FTSE 100 has plunged over 3 per cent in the early stages of trading on Monday after a jump in coronavirus cases outside of China spooked investors around the world.
Markets around the world had been appearing complacent over the potential hit to the global economy stemming from the outbreak over the past couple of weeks, but this appears to have changed abruptly.
Airlines and committees companies were among the worst hit as markets took fright at the potential impact of the continuing crisis on travel.
Three of Britain’s largest airlines had the largest fall on the FTSE 100 stock market this morning as the Covid-19 outbreak continues to spread.
Stocks around the world plunged in trading on Monday as market fears over the virus outbreak picked up
Easyjet, TUI, and British Airways’ parent company IAG all experienced declines of more than seven per cent in the first hour of trading today, as the coronavirus spreads to Europe. Easyjet had the biggest drop of any firm, falling 9.25 per cent.
Mining firms also suffered a considerable fall in their value, with Glencore, Evraz, and Anglo American slumping by at least five per cent each.
The falls in London follow similar plunges in Asia markets overnight and will stoke expectations of similar falls in America when trading gets underway later today.
Deep in the red: The FTSE 100 slid dramatically on Monday morning