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Markets rout continues as coronavirus tightens its global grip

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The FTSE 100 fell by as much as 8.7% shortly after trading started in the UK as traders responded to a flurry of bad news caused by the coronavirus (stock photo)

The FTSE 100 fell by as much as 8.7% shortly after trading started in the UK as traders responded to a flurry of bad news caused by the coronavirus (stock photo)

The FTSE 100 fell by as much as 8.7% shortly after trading started in the UK as traders responded to a flurry of bad news caused by the coronavirus (stock photo)

A weeks-long market rout showed no signs of slowing yesterday as London's top-flight companies lost another £117bn of their combined value.

The FTSE 100 fell by as much as 8.7% shortly after trading started in the UK as traders responded to a flurry of bad news caused by the coronavirus.

The index later settled and was trading down by around 7.2% to 4987.07 at about midday.

It means a loss of around £95bn from the value of the top stocks in London and adds to the more than half a trillion pounds that were wiped off the index in the previous three weeks.

It was another awful day for companies trading out of London as they come to terms with what the coronavirus outbreak might mean.

And it does not seem to matter what authorities around the world do to shore up business - over the weekend the US Federal Reserve slashed interest rates to zero and announced a giant $700bn (£570bn) programme of quantitative easing.

Belfast Telegraph