The
"Perhaps the reality of the situation is starting to hit home for investors or maybe, and probably more likely, they're using the slew of [company earnings] warnings to take some profit and risk off the table," Oanda analyst
The
The spread of the
Data showed US business activity in both the manufacturing and services sectors stalled in February with companies increasingly concerned about the epidemic.
Firms including tech giant Apple have warned of a hit to sales, leading market participants away from equities and into safehaven assets like gold. Still, Erlam raised the possibility of a quick rebound as dealers look to buy into assets at a cheap price. "This is a dip buying environment so it's probably only a matter of time until investors pile back in on the 'discount goods'," he said.
In other moves, education group Pearson skidded four per cent to the bottom of the blue-chip bourse after its annual profit came in slightly below its forecast.
Shares of Royal Mail fell 2.2 per cent as the postal group's largest labour union said it could call a strike as early as next month.
TOP RISERS 1. Polymetal Int Up 2.95 per
(c) 2020 City A.M., source