Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Indexes & Markets

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

FTSE 100 sinks over 3% on lockdown fears, banks slide

share with twitter share with LinkedIn share with facebook
09/21/2020 | 01:15pm EDT
A broker reacts on the IG Index the trading floor

The FTSE 100 marked its worst day in more than three months on Monday as HSBC and Standard Chartered slid on reports the banks were among those that moved allegedly illicit funds, while travel stocks plummeted on fears of more coronavirus-related lockdowns.

The blue-chip FTSE 100 sank 3.4% to a two-week low, with British Airways-owner IAG plunging 12.1% on news that Prime Minister Boris Johnson was pondering a second national lockdown to contain a surge in COVID-19 cases.

An index of travel and leisure stocks <.FTNMX5750>, already among the biggest decliners this year, tumbled 5.2%. The mid-cap FTSE 250 fell 4% to a seven-week low, with pub operators plunging on the possibility of new restrictions.

"Even if (the lockdowns) aren't as severe as those introduced in March, (they) will have a big economic impact," said Russ Mould, investment director at AJ Bell.

J.P. Morgan Asset Management's global market strategist, Mike Bell said the government's furlough scheme, or something similar, will have to be extended to prevent a significant rise in unemployment.

A rally in UK stock markets has petered out this month as the spread of the novel coronavirus threatens a nascent business recovery, with banking stocks taking a further hit from the Bank of England's announcement that it was looking at negative interest rates.

The FTSE banking index <.FTNMX8350> fell another 5.3% on Monday after media reports said lenders including Barclays, HSBC and Standard Chartered moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.

HSBC, already trading at decade lows, slid 5.3%, while StanChart dropped nearly 6% to its lowest since 1998. Barclays tumbled 5.4%.

Aero-engine maker Rolls-Royce plunged 10.8% to its lowest since 2004 after it confirmed it was considering a rights issue of up to 2.5 billion pounds.

By Shashank Nayar and Susan Mathew


Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 1.08% 420 Delayed Quote.-2.10%
BARCLAYS PLC 1.82% 106.76 Delayed Quote.-40.68%
HSBC HOLDINGS PLC 0.17% 324.55 Delayed Quote.-45.17%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 5.88% 96.44 Delayed Quote.-76.73%
ROLLS-ROYCE HOLDINGS PLC -1.49% 71.32 Delayed Quote.-69.58%
STANDARD CHARTERED PLC 2.26% 352.8 Delayed Quote.-50.62%
share with twitter share with LinkedIn share with facebook
Latest news "Markets"
10/30Dow Wraps Up Worst Month Since March
DJ
10/30LONDON STOCK EXCHANGE : FTSE 100 logs worst month since March on virus resurgence
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30EUROPE : European shares slide on the week as lockdowns dull recovery hopes
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30TSX slips as energy stocks weigh, virus cases surge
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30TSX slips as energy stocks weigh, virus cases surge
RE
Latest news "Markets"