Stock market tumbles as fears over virus impact rock traders

THE FTSE 100 has suffered its worst week since June after rising Covid- 19 cases and European lockdown restrictions shook traders.

The index fell by 283.01 points over the week, a drop of 4.8 per cent. It means that more than £ 72bn was wiped off the index since the start of the week.

The slump was the biggest in a week since the middle of June, when markets were spooked by the chances of a second wave. On June 11, stocks plunged more than 252 points, wiping billions off markets around the world, after traders were concerned by a rise in infections in Texas, California and Arizona.

That week ended with the

FTSE losing 379.12 points. London’s top index now sits at its lowest point since the start of April, when the UK was deep into lockdown and large parts of the economy were shut down by the Government.

This week, the dive in value was driven by rising infection numbers across Europe, which saw politicians in France announce their second lockdown. On Wednesday, the FTSE suffered its heaviest session of the week, as it lost 146.19 points in the face of the looming restrictions, as German Chancellor Angela Merkel also tightened restrictions.

Meanwhile, in the US, markets have also slumped as hospitals prepare for a potential third wave while concerns remain over the result of next week’s election.

India has reported 48,648 new coronavirus cases, continuing a downward trend in infections even as the country’s caseload has crossed eight million and is only behind the US.

The Health Ministry also reported 563 new fatalities in the past 24 hours, raising the overall death toll to 121,090.

The slowdown in the pandemic in India has now lasted more than a month and the country has reported fewer than 60,000 cases for nearly two weeks.

In Japan, officials are using hi- tech devices to see if they can fill sports stadiums closer to capacity during the Covid- 19 pandemic. The baseball stadium in Yokohama will be used this weekend in an experiment to test if its 32,000 seats can be filled safely.