Global markets struggle after tech sell-off and fears over Chinese economy | Stock markets
Global markets suffered another day of volatile trading after a tech sell-off that fuelled Wall Street’s worst day in a month and weak economic data from China showed an unprecedented slump in investment.
The FTSE 100 fell by 1.1% in London, closing down about 100 points at 9,698, as bellwether banking stocks tumbled. Barclays, Lloyds and NatWest slumped between 2.7% and 3.6%.
On Wednesday, the UK blue-chip index had threatened to break through the landmark 10,000-point mark for the first time. Meanwhile, the pound fell against the dollar after the chancellor, Rachel Reeves, abandoned plans to raise income tax rates in the budget.
US markets also came under fresh pressure on Friday, before pulling back. The benchmark S&P 500 started the…
