UK. Pensions take hit as FTSE loses £152billion in four days due to coronavirus
PENSION savings took a battering yesterday after billions of pounds were wiped off the stock market in the wake of the growing coronavirus outbreak.
The London Stock Exchange dropped to a new 13-month low as the spread of Covid-19 hit markets around the world and traders warned that it could lead to “anaemic global growth”.
The FTSE 100 blue-chip index has lost £152billion in the past four days – a fall of 8.2 percent so far this week, shedding £62billion yesterday.
It closed at 6,796.33, after dropping 246.14 points, or 3.5 percent.
Jennifer McKeown, head of the global economics service at Capital Economics, said: “We just can’t predict the spread and how bad it can be.”
Global investors have now been hit with six successive days of stock market losses. Ipek Ozkardeskaya, of Swissquote bank, said: “The slide is the market’s understanding that the coronavirus outbreak would translate into significantly lower earnings and an anaemic global growth.”
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