Market in turmoil over fears of a coronavirus induced global recession Nils Pratley
over 5 years in The guardian
Goldman Sachs is warning of zero US earnings if the outbreak becomes widespread
On the Monday after Lehman Brothers collapsed in September 2008, the FTSE 100 fell 3.9%, which we now know was a woefully complacent first take on events. London’s blue-chip index, then at 5,204, went on to shed another 1,400 points in the following six weeks.
It’s a point to remember when looking at the coronavirus “carnage” on stock markets this week. Short-term share price movements, such as Thursday’s 3.5% decline in the FTSE, don’t tell you much when truly big global events happen. Even the 8% fall this week feels severe but could anyone claim to be surprised, given the current coronavirus news flow, if the decline soon became 16%? Continue reading...
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