Stocks rebound on bank virus reassurances

The FTSE 100 opened with a surge today after the Bank of England vowed to take measures to shore-up their economies from the coronavirus outbreak.

London’s blue chip index rose 2.6 per cent in early trading as it sought to shake off a week of losses that had earlier seen £200 bn wiped off the index.

The Bank issued a statement saying it pledged to take “all necessary steps” to uphold the British economy’s stability in the face of the coronavirus outbreak.

The bounce back followed their worst week since the global financial crisis, as investors bet on further stimulus from central banks to limit the economic impact.

Elsewhere, airlines continued to suffer. British Airways owner International Airlines Group (IAG) sank six per cent to 442.8p. Last week it warned of a hit in the wake of coronavirus travel restrictions.

Easyjet also fell 2.5 per cent as it cancelled Italy flights as people opted not to fly as the country saw a 50 per cent spike in cases,  despite 11 towns entering lockdown.

The coronavirus outbreak continued to climb over the weekend. The rate of deaths slowed in China but around the world the death toll hit 3,048. And the number of coronavirus infections approached the 90,000 mark.

And the UK’s coronavirus count hit 36 as Scotland recorded its first case.

But FTSE 100 traders pegged their hopes on central banks fighting back against the virus’ ravaging of global stocks.