FTSE 100 falls below 7,000 as markets worldwide tumble on inflation fears
All three indexes on Wall Street fell amid concerns of rising inflation, as weak global cues send Asian stocks tumbling
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.London’s FTSE 100 had its biggest fall since February retreating below 7,000, amid worries that US inflation is set to rise.
The blue-chip FTSE 100 closed a massive 175 points down at 6,948 – a drop of 2.47 per cent. While the domestically focused FTSE 250 also crashed by 530 points.
The British Airways owner, IAG, was the top faller on FTSE 100, down 7.4 per cent, with the engineering companies Renishaw, Melrose and Rolls-Royce also among the worst performers.
On Wall Street, all three indexes pared their losses from session lows with sell-offs in most sectors. The Dow Jones Industrial Average lost over 454 points at 34,288. The S&P 500 shed over 42 points, at 4,145. The Nasdaq Composite shed around 65 points to close at 13,336.
On Wednesday, the impact of weak global cues led shares in the Asia-Pacific region to languish near one-month lows. At noon, Japan’s Nikkei 225 was over 2 per cent down, while Taiwan Index was down over 4 per cent. Hong Kong stocks also tumbled by a hundred points and Shanghai Composite, despite some recovery from day’s lows, remains in the red.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, after tumbling 1.6 per cent on Tuesday for its biggest daily percentage drop since 24 March.
Indian indices also opened lower on Wednesday dragged by worries of inflation. The Sensex was down 223 points at 48,938 while the Nifty lost 47 points to 14,803.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments