Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

FTSE 100 suffers its worst sell-off since June

European markets plunge with the DAX underperforming amid fears about the global pandemic coupled with money laundering allegations in the banking sector

It has been a rough start to the week for European markets. The DAX was the biggest loser among the major averages shedding 4.37% or 573 points in its worst daily performance since March. The FTSE 100 also suffered heavily to close down 3.38%. According to the Telegraph newspaper about £53bn was wiped off London’s blue-chip stocks today.

The UK government’s chief scientific adviser Sir Patrick Vallance warned that the UK could see 50,000 new COVID-19 cases a day by mid-October without further action. He said, ‘at the moment we think the epidemic is doubling roughly every seven days.’ Today’s press conference from Sir Patrick alongside Downing Street’s chief medical adviser Professor Chris Whitty prompted concerns about more stringent measures such as another nationwide lockdown. A third of the Welsh population is now going into lockdown from tomorrow, following a major spike in coronavirus cases.

Fears of a second wave have pushed travel stocks including airlines sharply lower. IAG, the parent company of British Airways was hit hardest with a decline of 12.08% in Monday’s trade. Wizz Air Holdings Plc also took a major hit shedding 8.98% in the session. At the other end of the spectrum, food delivery service HelloFresh SE, which is a beneficiary of the so-called ‘stay at home economy’, saw its shares rally by 6.24% .

UK Prime Minister Boris Johnson is set to make a statement on Covid-19 in the House of Commons tomorrow, having chaired a Cobra meeting and a Cabinet meeting today to discuss the government’s next steps regarding the pandemic.

Aside from the coronavirus, the banking sector in Europe also suffered heavily today on the back of allegations over the weekend of suspicious funds being moved over a period of nearly 20 years, according to Reuters, citing confidential documents submitted to the US government. Deutsche Bank AG closed lower by 8.69% and HSBC Holdings PLC (LSE) ended the session down 5.26%.

The sell-off has extended across the Atlantic with US markets trading firmly in the red with the Wall Street plunging more than 3%, to shed over 900 points. Meanwhile the S&P 500 has fallen to its lowest level since July and is down more than 9.5% from its recent high, pushing it closer towards correction territory. It comes after the Dow and the S&P 500 suffered their first three-week losing streak since October 2019 and the Nasdaq suffered four straight weeks of losses.

Seize your opportunity

Deal on the world’s stock indices today.

  • Trade on rising or falling markets
  • Get one-point spreads on the FTSE 100
  • Unrivalled 24-hour pricing

See opportunity on an index?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on an index?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from one point on the FTSE 100
  • Trade more 24-hour indices than any other provider
  • Analyse and deal seamlessly on smart, fast charts

See opportunity on an index?

Don’t miss your chance. Log in to take your position.

Related articles

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Sell
Buy
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.