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FTSE 100 slumps to six month low

The FTSE 100 has hit its lowest level in six months as financial firms grapple with the rise in Covid-19 cases. 

According to Sky News, The FTSE 100 was down more than 3% in afternoon trading on Wednesday 29 October, with all of its companies, except Rolls-Royce, losing footing. 

The index also closed 2.6% lower at 5,582, which follows last month’s closing result of 3.4%.

Chris Beauchamp, chief market analyst at IG told the broadcaster that “global indices are deep in the red, as Germany prepares to head back into a national lockdown, with Switzerland following suit”. 

He added: “In these circumstances, a UK lockdown seems not far behind, given the current direction of travel across the continent.”

John Woolfitt, director of trading at Atlantic Capital Markets, was also reported to have said that the global markets looked “incredibly nervous” due to the uncertainty caused by the coronavirus rate of infection in Europe and the upcoming US election. 

He said: “I don’t expect this to be long-term, but nervousness will continue until elections are done and some form of steadying in the COVID-19 numbers.”

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