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Shares plunge into the worst day since the financial crisis

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The first index of UK stocks is facing its worst day since the 2008 financial crisis after billions were wiped off the share value high level.

The dramatic decline following global falls as a row between oil prices and saw Russia Saudi fall by more than a fifth.

The shares were already shaken by fears of the impact of coronaviruses as cases continue to rise in the world.

The date has already been dubbed “Black Monday” by analysts who described the market reaction as “total carnage”.

Oil prices are down more than 20% with Brent crude trading at $ 35.98 a barrel.

“It shows a level of nervousness in the market that I have not seen in years,” said Justin Urquhart Stewart, co-founder of Seven Investment Management.

Investors sell stocks at a rate such because they can not quantify Saudi Arabia and Russia could do, he said.

Oil companies have seen the largest declines, with shares of Shell and BP both down about 15%, while Premier Oil has seen its shares more than halved in value.

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Heavy falls were also seen elsewhere in Europe, stock markets in France and Germany as the opening of more than 7% less. Norway – a major oil exporter – saw its main stock exchange fall of 12% in early trade.

Why should I care if falling stock markets?
The first reaction of many people to “markets” is that they are not directly affected because they do not invest money.

Yet there are millions of people with a pension – either private or labor – who will see their economies (in what is called a defined contribution pension) invested by pension plans. The value of their savings pot is influenced by the performance of these investments.

retirement savers leave most experts choose where to invest the money to help it grow. stock prices widespread falls are likely to be bad news for pension savers.

As much as £ 600 billion is held in pension defined contribution upon.

So large increases or decreases can affect your pension, but the advice is to remember that retirement savings, like all investments, are generally a long-term bet

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