Monday evening news briefing: Stock markets routed amid coronavirus fears and oil price war

Chris Price
·6 min read
A trader on the floor at the New York Stock Exchange - ANDREW KELLY/REUTERS
A trader on the floor at the New York Stock Exchange - ANDREW KELLY/REUTERS

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Stock markets decimated by virus and oil price war

Coronavirus has sent global markets into turmoil, as a price cut by Saudi Arabia pushed oil into its worst one-day drop since the first Gulf war. The FTSE 100 plummeted nearly 9pc as energy giants Shell and BP both crashed, with coronavirus fears shattering the alliance between OPEC, the Saudi-led alliance of oil-producing nations, and Russia. The index suffered its worst drop since the financial crisis, with more than £100bn wiped off the value of London's top listed companies. This afternoon, trading was halted on the New York Stock Exchange for 15 minutes after the S&P 500 index fell 7%. Follow the latest updates here. On the plus side, the oil price crash could knock a lot off your fuel bills. So why has this battle started? Economics Editor Russell Lynch gives the answers here. And Ed Clowes outlines the winners and losers.

Despite the financial chaos, the Government has opted against moving the UK's coronavirus response from contain to the delay phase, after a meeting of the emergency Cobra committee. The Prime Minister will give a press conference this evening. The number of UK cases has risen to 319 and there has been a fourth death. Click here for a map of where it has spread across the country. EasyJet has cancelled a number of UK flights to Italy, where a quarter of the population is on lockdown. Central and southern regions of the country ordered anyone arriving from quarantined areas in the north to self-isolate immediately. But such orders are likely to be very hard to enforce as panicked northerners head to the south by car, train, coach and plane. With concerns heightened, please think of others around you. A viral video has seen a woman accused of deliberately coughing at a man on a Sydney train in a row over coronavirus. You can watch this clip and make up your own mind.

PS - Many sporting and cultural events are under threat of cancellation of postponement due to the outbreak. You can find the latest updates here.

Labour suspends Phillips over Islamophobia claims

Anti-racism campaigner Trevor Phillips has accused the Labour party of shutting down "healthy debate", after being suspended over allegations of Islamophobia. The former head of the UK's equalities watchdog could be expelled from the party over past comments, including remarks he made about Pakistani Muslim men abusing children in northern UK towns. Many of his statements date back years but Labour's general secretary Jennie Formby suspended him as a matter of urgency to "protect the party's reputation". Mr Phillips described Labour as "a great party collapsing into a brutish, authoritarian cult". Here is what the party has said about the disciplinary action. Follow the latest reaction here.

Harry and Meghan arrive for final royal engagement

The Duke and Duchess of Sussex have arrived at Westminster Abbey for the Commonwealth Service as they make their final official appearance as senior royals. Harry and Meghan are joining the Queen, the Prince of Wales, the Duchess of Cornwall and the Duke and Duchess of Cambridge in the central London church as they carry out their last public royal duty before they walk away from the monarchy. But, unlike last year, Harry and Meghan were ushered to their seats, rather than waiting for the Queen's arrival and walking through the church with the monarch and key royals as they did in 2019. Click here to see them arriving.

News digest

Video: Wombles remake an insult to creator, says son

The Wombles of Wimbledon Common have always enjoyed a quiet life, picking up litter, recycling, and trying to make the world a greener place. But a new revamp of the popular 1970s BBC series has come under fire from the family of their creator, who say that attempts to make them politically correct and ethnically diverse insinuate that their mother was racist, and that it insults her memory. Click here to watch the new Wombles in action, and see how they compare to the originals.

Comment

World news: The one story you must read today...

Refugee deal | The European Union could cave to Turkish demands for more cash to keep migrants out of Europe, Ursula von der Leyen has suggested. The president of the European Commission hinted that EU member states were ready to pay more than the €6 billion it pledged in 2016 as part of the controversial EU-Turkey migrant deal. Details here.

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Business and money briefing

Tesco sells up | Tesco has agreed a deal to sell its supermarket arms in Thailand and Malaysia in a deal worth about £8.2bn, and will return almost two-thirds of the proceeds to shareholders. Read on for details.

Sport briefing

Inside line | South Africa thoroughly deserved their 32-12 triumph over England in the final of Rugby World Cup last year. But the eventual runners-up are entitled to wonder whether they might have come closer without losing Kyle Sinckler, who suffered a concussion just 160 seconds into the game. Read how the tighthead prop, who was outstanding against Wales, has become one of England's most valuable players.

Tonight's TV

Inside No 9, BBC Two, 10pm | Few series have as perfect a hit rate. We are now five series and 30 episodes into Inside No 9 and there's been barely a bum half-hour. Tonight's finale is a perfect case in point. Read on for more.

And finally...

Tiger who came to tee | Wentworth has lurched from crisis to crisis since the distinguished golf club's £135m takeover by Chinese-Thai billionaire Chanchai Ruayrungruang five years ago. But the owner will hope the club has found a new figurehead: Tiger Woods. The Telegraph understands a delegation from Wentworth visited Woods at his home in Florida in January, offering him £4 million to build a new version of the course near Bangkok. Read on for more.