Embattled London stock market rises 2.18% up to 6,800 points

The FTSE rose 2.18% to 6,800 shortly after opening today in its second consecutive day of growth as central banks around the world raised hopes of injecting millions of pounds into the economy to help manage the fallout from the coronavirus epidemic.

The blue-chip index increased ahead of a G7 central bank conference call of governors and finance ministers that is expected to deal with the outbreak, although a source at the group said it would not detail any immediate steps boost growth.

These could include lowering interest rates to encourage borrowing and investing or quantitative easing, where central banks inject money directly into the economy. 

At 8.30am, the domestically-focused FTSE 250 also rose 2.23% to 19,732, with rises led by UK marketing firm 4imprint Group, which jumped 13% after saying it had so far seen minimal impact from the health crisis.

The blue-chip index increased ahead of a G7 central bank conference call of governors and finance ministers that is expected to deal with the outbreak. Pictured is the FTSE over a five-day perspective

The blue-chip index increased ahead of a G7 central bank conference call of governors and finance ministers that is expected to deal with the outbreak. Pictured is the FTSE over a five-day perspective 

At 8.30am, the domestically-focused FTSE 250 also rose 2.23% to 19,732. This graph also shows its progress over five days

At 8.30am, the domestically-focused FTSE 250 also rose 2.23% to 19,732. This graph also shows its progress over five days 

Yesterday, the OECD said it feared the worst financial crisis for a decade due to the impact of coronavirus.

The trade body warned that the world's economy could shrink in the first quarter of this year as a result of the outbreak, with growth across the whole year dipping as low as 1.5% if the virus lasts long and spreads widely.   

It came as the Bank of England vowed to take 'all necessary steps' to protect Britain's economy.

London's FTSE closed yesterday up 1.1% at 6,655, following the trend of the world's blue-chip stock markets which mostly saw small increases. 

The increase came after the FTSE at lunchtime dropped to -0.7% after early gains lessened through the morning, before gaining again to reach growth of 0.64% at 3.30pm.  

It comes after British firms had more than £250billion wiped off their value last week amid the fallout from coronavirus. 

Face masks have become an increasingly common sight on the streets of London as concern about coronavirus rises

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