16/07/2020

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US stocks suffer worst week since financial crisis after seven days of losses

Good early morning, this is Louis Ashworth, taking over the website for our usual coverage of the London investing session. I’ll be monitoring the continued drop on European markets, and also bringing you the most up-to-date new of business, economics, cash and tech.

Here’s what you need to have to know this early morning.

Stock markets in the US and Europe plunged into correction territory ­yesterday as stress over the distribute of coronavirus induced a wave of fresh promote-offs. On Wall Avenue, the Dow Jones recorded its most important one particular-day place drop ever, closing down 1,191 details at twenty five,760, whilst in London the FTSE one hundred dropped one more 3.5pc to 6796.4.

Asian markets spiralled downwards on Friday, monitoring a collapse in New York and Europe as the coronavirus distribute rapidly all over the planet with the WHO warning the fatal epidemic was now at a “decisive point”.

Tokyo and Jakarta were being hammered a lot more than four %, whilst Shanghai, Sydney, Seoul and Bangkok tanked a lot more than 3 % each and every.

The casualties have place equities all over the planet on course to record their worst 7 days due to the fact the global fiscal crisis a lot more than a 10 years back as traders run to the hills on fears the virus will smash the global economic system.

five points to commence your day

1) Staff at embattled healthcare facility operator NMC Wellness say they have not been compensated on time amid a meltdown that pressured it to suspend investing of its shares yesterday. The City watchdog has introduced a formal investigation into NMC right after an internal investigation discovered a raft of key financial loan agreements involving firms owned by founder BR Shetty.

2) The two countries that manage the fate of electric cars: Chile is blessed with bountiful lithium and copper reserves, whilst the Democratic Republic of Congo is the source of 3-quarters of the world’s cobalt – and a fairly major provider of copper, way too.