London open: Stocks take a beating as investors panic over Covid-19

At 0830 GMT, the FTSE 100 was down 5.3% at 5,564.37.

Trump said overnight that the US would temporarily suspend most travel from the European Union as it looks to combat the spread of the coronavirus. The restrictions, which kick in on Friday, will last 30 days and will apply to most foreign nationals who have been in the 26 countries of the Schengen area in the 14 days before their arrival in the US.

It will not apply to US citizens or to travellers from the UK.

In the UK, meanwhile, the government was said to be planning to announce an escalation of its response to the virus after two more people died, taking the total number of deaths to eight. This could include school closures, the cancellation of major sporting events and urging those who can to work from home.

Spreadex analyst Connor Campbell said Trump’s travel ban had sent investors fleeing equities, with his coronavirus strategy "provoking another intense round of bloodloss" for stocks.

"This announcement came alongside a series of measures valued at $250bn - much of which will be pumped into the financial system to ease liquidity issues - designed to cushion the blow of the virus.

"Hot on the heels of the World Health Organization declaring a pandemic, and with the UK preparing to enter a phase of ‘social distancing’, to say Trump’s plans were greeted with scepticism is an understatement.

"Taking the view that the President’s travel ban has only further heightened the likelihood of a global recession, while suggesting the stimulus plan lacks the necessary force to combat the impact of the outbreak, investors fled a market landscape that increasingly looked like a crime scene."

With losses across the board, it seemed almost pointless to pick out one faller from the other.

WH Smith was weaker after the retailer warned that the coronavirus outbreak would reduce annual profit by up to £40m as the virus took its toll on the company's airport outlets.

Cineworld slid as it warned that it may be unable to pay its debts due to the outbreak.

Market Movers

FTSE 100 (UKX) 5,564.37 -5.31%
FTSE 250 (MCX) 16,280.91 -6.10%
techMARK (TASX) 3,311.77 -4.94%

FTSE 100 - Risers

Polymetal International (POLY) 1,274.00p -2.19%
Sainsbury (J) (SBRY) 187.10p -2.30%
Reckitt Benckiser Group (RB.) 5,433.00p -2.30%
Tesco (TSCO) 226.20p -2.54%
Standard Chartered (STAN) 459.00p -2.73%
Pearson (PSON) 524.00p -2.82%
Morrison (Wm) Supermarkets (MRW) 171.65p -2.94%
Unilever (ULVR) 3,937.00p -3.35%
Ferguson (FERG) 5,790.00p -3.37%
National Grid (NG.) 893.50p -3.43%

FTSE 100 - Fallers

Rolls-Royce Holdings (RR.) 461.00p -14.25%
Compass Group (CPG) 1,200.00p -12.02%
Centrica (CNA) 47.23p -10.79%
Anglo American (AAL) 1,363.80p -10.35%
Standard Life Aberdeen (SLA) 220.20p -9.94%
JD Sports Fashion (JD.) 546.20p -9.90%
Aveva Group (AVV) 3,036.00p -9.59%
International Consolidated Airlines Group SA (CDI) (IAG) 360.20p -9.25%
Just Eat Takeaway.Com N.V. (CDI) (JET) 5,505.00p -9.08%
InterContinental Hotels Group (IHG) 3,450.50p -8.49%

FTSE 250 - Risers

Henderson Smaller Companies Inv Trust (HSL) 840.00p 0.00%
Bakkavor Group (BAKK) 91.40p 0.00%
TBC Bank Group (TBCG) 1,170.00p 0.00%
Aberforth Smaller Companies Trust (ASL) 1,108.00p 0.00%
Daejan Holdings (DJAN) 7,970.00p 0.00%
Fisher (James) & Sons (FSJ) 1,790.00p 0.00%
NextEnergy Solar Fund Limited Red (NESF) 115.00p 0.00%
Rathbone Brothers (RAT) 1,362.00p 0.00%
Apax Global Alpha Limited (APAX) 160.50p 0.00%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 267.00p 0.00%

FTSE 250 - Fallers

Brewin Dolphin Holdings (BRW) 173.70p -31.13%
AJ Bell (AJB) 229.00p -26.25%
TP ICAP (TCAP) 266.60p -24.90%
McCarthy & Stone (MCS) 91.55p -22.74%
Investec (INVP) 255.90p -22.27%
Cineworld Group (CINE) 70.16p -20.63%
IWG (IWG) 220.60p -20.48%
Go-Ahead Group (GOG) 1,341.00p -20.27%
Finablr (FIN) 18.00p -19.79%
Bodycote (BOY) 523.00p -18.41%