Global stock markets posted their steepest falls since the 2008 financial crisis after a crash in the oil price amplified concerns about the escalating economic cost of the coronavirus outbreak. Almost £125 billion was wiped off the value of the Financial Times Stock Exchange (FTSE) 100 in the fifth-worst day in history for the index of leading UK company shares, as it plummeted by 7.7 percent to finish the day below 6,000 points, its lowest level since straight after the Brexit vote in 2016.

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