March 9, 2020 / 7:48 AM / 3 months ago

UPDATE 1-UK Stocks-Factors to watch on March 9

(Adds company news items and futures)

March 9 (Reuters) - Britain’s FTSE 100 index is seen opening down 419 points on Monday, according to financial bookmakers, with futures down 9.5% ahead of cash markets open.

* EUROPEAN FUTURES: European futures tumbled 10% as the launch of a price war between Saudi Arabia and Russia sent oil prices crashing, adding to fears the world was sliding into recession on the back of the coronavirus epidemic.

* BRITAIN’S FCA: Britain’s Financial Conduct Authority said it was reviewing whether market participants are getting value for money for the data they buy from stock exchanges and other vendors.

* CINEWORLD: Cineworld said its biggest shareholder Global City Theatres B.V. had agreed to sell around 7.9% of the British cinema operator for about 116 million pounds ($152.61 million) to buyers including Singapore sovereign wealth fund GIC.

* COVID-19: Britain on Sunday advised citizens against all but essential travel to a number of areas in northern Italy because of the spread of coronavirus there.

* WIZZ AIR: A Wizz Air press conference in Abu Dhabi scheduled for Tuesday, where Chief Executive Jozsef Varadi was due to attend, has been cancelled due to the coronavirus, organisers said on Sunday.

* TESCO: Tesco, Britain’s biggest retailer, said it had agreed to sell its businesses in Thailand and Malaysia to a combination of CP Group entities for an enterprise value of $10.6 billion.

* BRITISH INSURERS: Insurers are expected to pay policyholders an estimated 363 million pounds ($471.79 million) for flood and wind damage from two storms in Britain last month, the Association of British Insurers said on Saturday.

* OIL: Oil prices plummeted around 30%, with U.S. oil heading for its biggest loss on record, after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

* GOLD: Gold prices rose above the $1,700 per ounce level on Monday for the first time in more than seven years, after a stock market rout due to concerns over a widening coronavirus outbreak and its economic impact drove investors towards safe-haven assets.

* The UK blue-chip index closed down 3.6% on Friday as growing economic risks from the coronavirus outbreak fuelled investor worries and added to the sell-off on global stock markets. Fears about the virus also sparked a flight to the safety of bonds.

* For more on the factors affecting European stocks, please click on:


> Financial Times

> Other business headlines (Reporting by Aniruddha Ghosh in Bengaluru; Editing by Shailesh Kuber)

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