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London stocks slide as recession worries grow

Published 14/05/2020, 08:17
Updated 14/05/2020, 08:18
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 down 1.3%, FTSE 250 off 0.9%

May 14 (Reuters) - London's FTSE 100 fell for a second
straight day on Thursday as investors worried that a recovery
from a coronavirus-led economic slump would be slower than
expected even as several hard-hit countries started easing
lockdowns.
The blue-chip FTSE 100 .FTSE was down 1.3% in early
trading, with battered energy .FTNMX0530 and travel and
leisure .FTNMX5750 stocks leading declines. The mid-cap FTSE
250 .FTMC shed 0.9%.
Insurance stocks .FTNMX8530 fell 1.1% after Lloyd's of
London said it was likely to pay up to $4.3 billion in claims
related to the COVID-19 pandemic, while underwriting and
investment losses for the global non-life insurance sector could
reach a record $203 billion. The two main UK stock indexes have now given up all the
gains made this month as hopes of a speedy revival in business
activity were dashed after U.S. Federal Reserve Chair Jerome
Powell warned of an "extended period" of weak economic
growth. With the UK starting to ease some restrictions, housebuilder
Persimmon PSN.L said it had restarted 65% of its construction
work and was reopening sales offices on May 15. However, its shares fell 2.5% along with the wider
housebuilding index .FTNMX3720 as surveys suggested British
house prices would only recover to their pre-lockdown levels in
11 months' time.

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