Following the outbreak of coronavirus, financial markets across the world have suffered devastating impacts as countries go into lockdown and uncertainty looms. Sky News produced a new chart showing the biggest quarterly falls in UK shares since August to October 1720. The shocking results showed that the virus spread was threatening to plunge the country into the worst crisis it had endured since the 1700s.
The Sky reporter told viewers: “This chart goes back to the birth of capitalism and it shows you the biggest falls in share prices over periods of three months.
“There you can see in 1720, the biggest fall in stock prices ever. It was the first crash in history.
“Look at where we are now. This is the second biggest crash in history.
“Bigger than in 1987 in those three months after Black Monday.”
He continued: “It’s also bigger than 1974, that’s obviously the three-day week, the oil price crisis.
“It’s also bigger than the 2008 financial crisis.
“People are really concerned about this, traders are selling off their shares.
“They’re very worried indeed about the economic impact of this virus.”
The Sky reporter added: “About eight years worth of gains have been wiped out in the space of three weeks.
“There’s been 11 percent worth of falls today.
“Commodity companies are very sharply down.
“The financial sector and travel industries are also affected.
“The Dow Jones trading had to be suspended for 15 minutes.”
Published at Thu, 12 Mar 2020 19:46:00 +0000