(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* FTSE 100 down 5.8%, FTSE 250 drops 7%
* Miners, Oil majors, travel stocks lead declines
* All stocks across indices traded in the red (Adds analyst comment, updates prices)
By Shivani Kumaresan and Devik Jain
March 12 (Reuters) - London's stock market fell past 2016 Brexit referendum lows on Thursday as a shock U.S. ban on European travellers sent shares in already hard-pressed British Airways ICAG.L and other airlines down by almost another 10%.
The bluechip FTSE 100 .FTSE , at one point, slid past 2016 lows to touch levels not seen since the height of the European debt crisis in 2012.
The index was last down 5.8% at 5535.54 points, with all the stocks trading in the red.
U.S. President Donald Trump on Wednesday suspended travel from Europe to the United States for 30 days to limit the spread of the coronavirus. Although the United Kingdom was spared from the travel restrictions, fears were widespread over its impact on the travel sector. of British Airways ICAG.L , EasyJet EZJ.L and WIZZ Air WIZZ.L , which have already had to axe flights to and from Italy, fell between 6% and 10%. of the extent of economic damage from the outbreak, cinema operator Cineworld CINE.L shed more than 30% as it said that in the worst-case scenario, the outbreak could cast doubt over it ability "to continue as a going concern." FTSE index has shed about 28% since its January peak, as the heavy blow from the outbreak shook investor confidence despite the Bank of England's emergency move to cut interest rates by 50 basis points and the UK government's 30 billion-pound ($39 billion) stimulus plan. time that you've seen stimulus announced, any rebound has been very short-lived," said Joshua Mahony, senior market analyst at IG. "That's because you can't cure someone of a virus and the need to quarantine by giving them cheaper interest rates, or quantitive easing."
The World Health Organisation declared the outbreak a pandemic on Wednesday, followed by Trump's travel bank that sparked an end to the longest bull run in U.S. stock market history, sinking the Dow Jones Industrial Average index into bear market territory. .N
Prime Minister Boris Johnson will chair an emergency meeting on Thursday at which he is expected to approve moving to the "delay phase" of the coronavirus response. majors BP Plc BP.L and Royal Dutch Shell Plc RDSa.L slipped between 3% and 5%, as oil prices took another blow from the dramatic moves by Trump. O/R
Among other stocks, specialist pension provider Just Group JUSTJ.L slipped 5.2% after posting lower annual profit hurt by tough operating environment. mall operator Intu Properties INTUP.L slid 15.5% as it flagged doubts over its continuity and posted wider annual loss hurt by decline in real estate valuations against a tough retail backdrop.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.