Share sell-off drags FTSE 100 to two-year low

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UK shares have fallen sharply in morning buying and selling, dragging the FTSE 100 index to its lowest degree since December 2016.

Each London and main European markets had been down greater than 2% as a sell-off that began in Asia gathered tempo.

Worst-hit sectors included miners, oil firms, carmakers and tech shares.

Analysts mentioned the arrest of Chinese language telecoms large Huawei’s chief monetary officer in Canada had revived worries over US-China commerce tensions.

By mid-morning, London’s 100-share index was down 2.6% at 6,744 factors, whereas the Cac-40 in Paris and Frankfurt’s Dax had been each 2.4% decrease.

Among the many largest fallers in London had been mining companies Antofagasta, down 5.8%, and Glencore, which fell 4.9%.

Earlier, Asian markets additionally sank, with Tokyo’s Nikkei shedding 1.9% and the Grasp Seng in Hong Kong falling 2.5%.

“Buyers are again in risk-off mode, with markets falling within the UK, mainland Europe and throughout Asia,” mentioned Russ Mould, funding director at AJ Bell.

“Markets are apprehensive by quite a few issues: international financial development, rising rates of interest and the US-China commerce battle.”

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