March 23, 2020 / 8:28 AM / 8 days ago

London stocks slide as lockdown hits

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* FTSE 100 down 4.8%, FTSE 250 slides 5.7%

March 23 (Reuters) - London’s FTSE 100 dropped on Monday, as economists slashed their expectations for the global economy this year and a raft of UK-based companies laid out expected hits to profit, cuts in spending and the potential for trouble with rising debt.

The blue-chip index fell 4.8% by 0813 GMT - sinking back into the red after a two-day bounce due to the extraordinary stimulus unveiled by governments and central banks in the UK and beyond last week.

Troubled fashion retailer Ted Baker Plc slumped 15.3% after saying it shut shops and outlets that accounted for about 38% of its global retail sales in 2020 due to the outbreak.

Britain’s biggest commercial free-to-air broadcaster ITV dropped 8.8% after it pulled its dividend and said the rapidly changing situation meant it could no longer forecast its ad sales or yearly outcome.

In global moves, the U.S. Senate’s drive to pass a $1-trillion-plus coronavirus response bill remained stymied late on Sunday.

British Prime Minister Boris Johnson warned the government may have to impose curfews and travel restrictions even as pubs, clubs and gyms remain closed. (Reporting by Sruthi Shankar and Devik Jain in Bengaluru; editing by Patrick Graham)

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