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London stocks slide as lockdown hits

Published 23/03/2020, 09:26
© Reuters.
UK100
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ITV
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TED
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 down 4.8%, FTSE 250 slides 5.7%

March 23 (Reuters) - London's FTSE 100 dropped on Monday, as
economists slashed their expectations for the global economy
this year and a raft of UK-based companies laid out expected
hits to profit, cuts in spending and the potential for trouble
with rising debt.
The blue-chip index .FTSE fell 4.8% by 0813 GMT - sinking
back into the red after a two-day bounce due to the
extraordinary stimulus unveiled by governments and central banks
in the UK and beyond last week.
Troubled fashion retailer Ted Baker Plc TED.L slumped
15.3% after saying it shut shops and outlets that accounted for
about 38% of its global retail sales in 2020 due to the
outbreak. Britain's biggest commercial free-to-air broadcaster ITV
ITV.L dropped 8.8% after it pulled its dividend and said the
rapidly changing situation meant it could no longer forecast its
ad sales or yearly outcome. In global moves, the U.S. Senate's drive to pass a
$1-trillion-plus coronavirus response bill remained stymied late
on Sunday. British Prime Minister Boris Johnson warned the government
may have to impose curfews and travel restrictions even as pubs,
clubs and gyms remain closed.

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