FTSE 100 opens 5% down with drop of 242 to 4,949 points as coronavirus crisis continues to terrify investors – while pound trades at $1.16 amid chaos
- UK share index was down 4.82 per cent when it opened in London on Monday
- Currently stands at 4,949 with the pound worth $1.16 and euro worth £0.91
- It comes after Bank of England cut interest rates to lowest ever 0.1 per cent
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The FTSE 100 has opened nearly five per cent down as the coronavirus outbreak continues to cripple the UK economy.
The share index in London was down 4.82 per cent – a fall of 242 points – when it opened on Monday morning at 4,949.
As the markets opened in London this morning the pound was worth $1.1651, compared to $1.1713 at the previous close and the euro was £0.9177 pounds compared to £0.9103 on Friday.
Trading has resumed after a weekend of stark warnings from the Prime Minister that the UK’s coronavirus death toll could rival Italy’s if people fail to abide by social distancing measures.
The FTSE 100 has opened nearly five per cent down as the coronavirus outbreak continues to cripple the UK economy
Last week The Bank of England was forced to slash interest rates for the second time in a week, from 0.25 per cent to 0.1 per cent, in a desperate bid to support Britain’s struggling economy.
Interest rates are now the lowest they have been in the bank’s 325-year history.
Elsewhere in Europe, where the spread of COVID-19 is now worse than in China, stock index figures fell to near eight-year lows.
In Germany, FAX futures fell 3.9 per cent and in France, figures were down 4.1 per cent.
In Asia overnight, the Indian stock market lost more than 11 per cent of its value, while Honk Kong’s Hang Seng index was nearly 5 per cent down.
It comes as the UK’s coronavirus death toll reached 281, with 5,683 cases nationwide.
Yesterday, the virus claimed its youngest victim, an 18-year-old from the West Midlands who had underline health conditions.
A graph shows how the coronavirus outbreak has taken its toll on the UK in March