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Rapidly increasing infection rate sparks fears of further economic damage

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. (Reuters photo)

UK shares fell on Monday after the World Health Organization reported a record daily rise in coronavirus cases, sparking fears of another round of lockdowns and further economic damage.

The blue-chip FTSE 100 was down 1%, tracking declines in other European markets after Germany's coronavirus reproduction rate leapt to 2.88, a rate showing infections are rising above the level needed for long term containment of the disease.

A blue chip company is a multinational firm that has been in operation for a number of years, such as Coca-Cola, Disney, PepsiCo, Wal-Mart, General Electric, IBM, and McDonald's, all of which are dominant leaders in their respective industries.

The mid-cap FTMC 250 also shed 1%, led by declines in battered energy .FTNMX0530, banks .FTNMX8350 and travel and leisure .FTNMX5750 stocks.

Glencore Plc (GLEN.L) tumbled 5.4% after saying late on Friday the Office of the Attorney General of Switzerland had opened a criminal investigation into the commodity miner for failure to have measures in place to prevent alleged corruption in the Democratic Republic of Congo.

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

UK Prime Minister Boris Johnson is expected to unveil the latest easing of the country’s coronavirus lockdown on Tuesday.

As of June 22, 2020, 08:05 GMT, the United Kingdom has had 304,331 confirmed cases of coronavirus infections and 42,632 deaths since the start of the pandemic.

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