FTSE 100 hits four-month low as stock market sell-off continues – business live

European markets are in the red again after Dow plunged by 1,000 points last nightTrump: Markets will slump if I lose re-election bidLatest: European markets down as rebound fizzles outIntroduction: Markets calmer after Monday’s routUK’s Ricardo issues covonavirus profits warningMeggitt, Croda and Mordan also cite virus impact 1.00pm GMT US shoe vendor Wolverine World Wide has warned that the coronavirus will hurt its profitability, by disrupting its supply chain and cutting sales.In recent years, the Company has diversified its supply chain away from China and in 2020, China is expected to represent less than 20% of its global production, down from approximately 40% in fiscal 2019.The Company is continuing to monitor and adjust to the fluid coronavirus situation, and recognizes that there could be additional future impact to the global supply chain or customer demand. 12.39pm GMT The coronavirus is having a painful impact on Italy, forcing several towns to lock down.The Italian economy was already on the brink of recession, and financial analyst Kathleen Brooks of Minerva fears it could be driven in to a deep crisis:If Covid-19 continues to expand, the the most worrying thing is how long it will take for public confidence to return to normal once the outbreak dies down. This could lead to a wide economic impact and may be priced in to financial markets in coming weeksThe economic impact of Covid-19 could last a lot longer than the typical fly season. Italy’s economy is v weak, tourism is important to the economy of northern Italy, it also has v high debt levels, this could lead to a severe crisis for Italy’s economy. Continue reading…
Via: FTSE 100 hits four-month low as stock market sell-off continues – business live