FTSE 100 set for worst week since 2008 financial crisis amid coronavirus fears

The FTSE 100 is on course for its worst week since the financial crash of 2008 amid the coronavirus outbreak.

Markets were down 3.7 per cent as they opened on Friday, with more than £150 billion wiped off the top index by the end of Thursday.

And there were fears that another £60 billion could be wiped from the blue chips on Friday.

More than 83,000 people have Covid-19 around the world, and at least 2,800 people have been left dead.

In the UK, the number has jumped to 19 cases as six new cases were confirmed in 24 hours.

In terms of points lost it is also the FTSE 100’s second worst week since the index was founded in 1984.

Investors have been running scared from coronavirus outbreaks, as new cases continue to be reported around the world. Nigeria, Norway and New Zealand have all recently reported their first diagnoses of the disease.

It comes after US markets suffered heavily on Thursday, with the Dow Jones dropping nearly 1,200 points, or 4.4 per cent.

“With the Dow Jones suffering its greatest ever single session fall overnight, Thursday’s freefalling momentum carried over into Friday morning, leading to a gory start for Europe and pushing the market towards its worst week since the financial crisis,” said Connor Campbell, an analyst at Spreadex.

“The FTSE sank below 6,600 for the first time since the final days of 2018.”

On the FTSE 100 every company other than Rolls-Royce was falling on Friday morning just after markets opened.

The worst losers were the airlines, with British Airways owner IAG seeing a more than 9.5 per cent drop in share price, and Tui, the travel group, notching a 6.2 per cent fall.

NMC Health’s shares remained static, but only because they were suspended from trading on Thursday.