Home Business NewsBusinessBanking News FTSE 100 share price plummets over HSBC coronavirus fears

FTSE 100 share price plummets over HSBC coronavirus fears

by LLB Reporter
5th Mar 20 3:51 pm

HSBC evacuated their Canary Wharf head officer on Thursday, after an analyst in the research department which is part of their trading floor became ill.

It is believed the analyst has come down with flu like symptoms and may have contracted coronavirus.

The stock market dropped from 6,830 in early morning trading to 6696 points, after the news of flybe collapse then fell further to 6,675 points, or 2.08% since the news over HSBC.

The UK stock market rebounded on Monday after last week saw more than £250bn wiped off companies’ value after coronavirus panic.

Deutsche Bank analysts slashed their forecast for the UKs economic growth to 0.5% for the year.

Due to the outbreak of coronavirus the banks economists have outlined a range of responses which includes two cuts in interest rates by the Bank of England by May 2020.

Whilst Goldman Sachs warned on Thursday, coronavirus will push the UK economy to the brink of a recession within months.

The global investment bank forecast the UK’s output is set to contract by 0.2% between January and March.

On Thursday the Dow Jones opened 700 points down and stocks opened lower on Wall Street, erasing 2% from indexes over coronavirus fears.

The ten-year Treasury Yields fell below 1% trading last at 0.9745%, yields have fallen for a straight 11 days.

More follows….

 

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