FTSE 100 LIVE: Global stocks plummet after China and US see rise in coronavirus cases

FTSE 100 LIVE: Global stocks plummet after China and US see rise in coronavirus cases

Japan’s benchmark Topix index dropped 0.3 per cent while Hong Kong’s Hang Seng index and China’s CSI 300 shares fell by 0.7 per cent and 0.6 per cent. Australia’s S&P/ASX 200 fell 0.5 per cent and South Korea’s Kospi shed 0.7 percent. This came after almost 80 new coronavirus infections were recorded in Beijing over the weekend.

Robert Carnell, head of research for Asia-Pacific at ING, told FT:  “At a global level, this talk of second waves is misplaced, as daily new cases have been rising steadily since early May.

“Also, if globally, we are still in wave one, then it is possible that without a vaccine, the big wave is still lying out there somewhere waiting to hit.”

On Monday futures markets are predicted in the S&P 500 to drop 1.2 per cent when Wall Street begins trading.

And the FTSE 100 is expected to fall 0.5 per cent.

FOLLOW OUR LIVE UPDATES HERE:

6am update: Oil drops as new coronavirus outbreaks raise fuel demand concerns

Oil fell more than 2 percent on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the virus could weigh on the recovery of fuel demand.

Brent crude futures fell 89 cents, or 2.3 percent to $37.84 a barrel by 0302 GMT, while US West Texas Intermediate crude futures were down $1.18, or 3.3 percent, to $35.08 a barrel.

The coronavirus pandemic started at the end of last year in the Chinese city of Wuhan.

The oil benchmarks fell about eight percent last week, their first weekly declines since April, as US coronavirus cases started increasing. Over the weekend, more than 25,000 new US cases were reported on Saturday alone as more states reported record new infections and hospitalizations.

Published at Mon, 15 Jun 2020 04:53:00 +0000