Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

FTSE 100 heads for worst session in four years

Industry news
Baker Hughes has borrowed £600 million and Schlumberger received a loan of £150m.

London’s FTSE dipped below the 6,000-mark, down 260.2 points at 5927.4, adding to the gloom seen last Friday when it fell nearly 3%.

Today’s drop of 4% put the index on course for its biggest one-day slide since September 2011 when it dropped by 4.7%.

It is set for the 10th session of falls in a row – the worst losing streak since it finished lower for 11 days in succession in 2003.

There were also falls of more than 4% on Germany’s Dax and France’s Cac 40.

Markets have been plunged into economic uncertainty over slowing growth China, the world’s second biggest economy, and the depreciation of the yuan.

The latest session saw the main index in Shanghai dive by a further 8.5%, deepening its recent heavy slump and meaning it has lost all its gains for 2015 – despite attempts by Beijing to stem the declines.

Jasper Lawler, market analyst at CMC Markets, said the interventions had proved counter-productive, sparking panic among retail investors.

Investors around the world were spooked after China’s central bank “spectacularly failed” to stimulate the economy, in a world where huge stimulus efforts are underpinning recovery efforts in Europe and the US, he added.

On currency markets, the pound was little changed against the US dollar at just over 1.57 and down by a cent against the euro at slightly below 1.37.

In equities, trading screens turned red with almost all of the UK’s top 100 listed stocks falling.

Worst hit were companies in the commodities sector, where prices have been severely hit by fears over China.

BHP Billiton fell 6%, or 68.6p to 996.8p while Glencore dropped 7%, or 11.4p, to 147.2p and Anglo American slipped 7%, or 53.4p to 679.4p.

Asia-focused bank Standard Chartered was down 40p at 740.1p.

Oil was also hit, with the price of a barrel of Brent crude hitting a new six and a half year low close to 43 US dollars. BP fell 16.2p to 341p and Royal Dutch Shell slipped 87p to 1605.5p.

The only riser was More Than insurer RSA, on reports that Zurich Insurance wanted to extend the timetable to make a formal £5 billion offer for the company. Shares added 5.5p to 496.8p.

Meanwhile, telecoms giant BT was in focus after snatching rights to screen the next Ashes series after a reported £80 million five-year deal to screen Australian cricket.
Shares fell 4%, or 19p, to 416.7p. Rival Sky fell 3%, or 34.5p, to 1006.5p.

Recommended for you

More from Energy Voice

Latest Posts