UK stocks lower on virus fears, mall owner Intu sinks

  • Reuters
  • Stock Market News
UK stocks lower on virus fears, mall owner Intu sinks
Credit: © Reuters.

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* FTSE 100 slips 0.2%, FTSE 250 down 0.3%

March 4 (Reuters) - UK stocks inched lower in early trading on Wednesday as investors worried about the extent of the global economic fallout from the coronavirus epidemic after a surprise interest rate cut by the U.S. Federal Reserve.

The blue-chip index .FTSE fell 0.2% after rising for two straight days, while the domestically focussed mid-cap index .FTMC slipped 0.3%.

Wall Street had tumbled overnight as the unexpected move by the Fed alarmed rather than soothed investors already worried about economic growth amid the fast-spreading virus outbreak. .N

Among individual stocks, mall operator Intu INTUP.L slumped 41.2% as it scrapped a planned equity raise and said there was a risk that it might breach some of its debt covenants this year. life insurer Legal & General LGEN.L tumbled 2.6% to the bottom of the FTSE 100 despite posting a higher-than-expected rise in 2019 operating profit.

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