Oil falls to one-year low as coronavirus fears hit stock markets - business live
(The Guardian Business News)

Rolling coverage of the latest economic and financial news, as Britain´s FTSE 100 slumps to its lowest level in a yearLatest: US crude hits one-year lowFTSE 100 is sliding againRoubini: Worst is yet to comeDiageo: Covid-19 will wipe millions off sales and profitsCoronavirus live: South Korean cases spike - live updates 11.43am GMT The UK stock market is on the brink of falling into a full-blown correction, due to coronavirus fears.A correction is defined as a 10% fall from a recent peak. FTSE-100 now a whisker off `correction` territory (ie 10% off most recent peak). Key number is 6900. Stocks like easyJet look absurdly cheap. 11.29am GMT Just in: Credit rating agency Moody´s has slashed its forecast for car sales in 2020, due to the economic damage caused by Covid-19.`Global vehicle sales will decline 2.5% in 2020, narrowing from a 4.6% drop in 2019, but worsening from the 0.9% decline that we had previously projected for this year.Sales will rebound only modestly in 2021, with growth of 1.5%,` With the #coronavirus outbreak hitting demand and disrupting automotive supply chains, Moody´s lowers its sales forecast for global auto manufacturers in 2020: https://t.co/T87Jg0sFJR pic.twitter.com/FlYqS6f790 Continue reading...