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UK stocks tumbled another 5.7% in early trading on Monday after the Federal Reserve slashed interest rates by 100 basis points to try and buffer the US economy from the impact of the fast-spreading coronavirus.
The bloodletting was accompanied by a bevy of updates from local companies warning of a potentially devastating impact of the coronvirus on their bottom lines.
At 0823, the benchmark FTSE 100 index was down 307.85 points, or 5.7%, at 5.058.26.
Budget airline EasyJet descended 28% to 566.92p after it warned that rolling flight cancellations could lead to the 'majority' if its entire fleet being grounded.
In an equally chilling admission, EasyJet, which has one of the stronger balance sheets in the business, also said there was no guarantee that 'the European airlines' will survive a long-term travel freeze.
British Airways owner International Consolidated Airlines fell 24% to 267.5p as it cut flying capacity by 7.5%.
Budget carrier Wizz Air plummeted 45% to £15.00 as it suspended all flights to and from Poland, after the Eastern European country imposed travel restrictions.
Wizz Air said the Polish travel affected 20% of its capacity.
Elsewhere, Rio Tinto fell 6.3% to £30.675, on announcing that the development of its Oyu Tolgoi copper mine in Mongolia has been slowed by government restrictions imposed to combat the spread of the coronavirus.
DIY group Kingfisher reversed 11% to 121.82p as it shuttered its stores in France and Spain.
Associated British Foods slid 6.8% to £17.10, even as it upgraded its profit outlook for the first half, citing margin improvements at at its Primark budget clothing chain and grocery business.
The company, however, also warned it would not be able to mitigate a loss of sales at Primark caused by the Covid-19 outbreak.
Gambling company Flutter Entertainment sank 20% to £51.56, having warned on profit after multiple sports fixtures globally were cancelled or postponed as governments worldwide battle to contain the Covid-19 outbreak.
Online broker Plus500 shed 1.9% to 767p, despite forecasting revenue and profitability for the full year to be substantially ahead of current consensus expectations, due to the recent bout of market volatility.
Recruitment firm SThree slumped 9.3% to 228.5p as it reported a 3.6% fall in fee revenue in the first quarter of its financial year.
Food court operator and publisher Time Out dropped 13% to 71p after it closed five of its markets in Lisbon and the US.
Security contractor Westminster was a rare bright spot, adding 6.3% to 8.5p, following news that it had sold more fever detection equipment in the wake of the coronavirus outbreak.
Alternative asset and corporate business services provider Sanne rose 2.1% to 488.75p after it agreed to sell its Jersey-based private client business to JTC for up to £12m.
Student accommodation developer Unite lost 6.3% to 881p on announcing that it would operate a reduced programme of summer business in 2020, given the risk of disruption to bookings from the coronavirus.
Alternative fuel developer Quadrise Fuels International slumped 22% to 1.67p after a pilot project to test its product in Morocco was delayed due to the spreading disease.