BREAKING: London’s FTSE 100 suffered its worst one-day performance since the start of the coronavirus pandemic three years ago 📉 The stock index closed down 292.66 points or 3.8%.
’s FTSE 100 suffered its worst one-day performance since the start of the coronavirus pandemic three years ago.
The stock index representing 100 of the largest UK-listed companies closed down 292.66 points, or 3.8%, as global banking stocks slump.Financial group Prudential took the biggest hit, tumbling down 12% followed not far behind by mining company Glencore . After recording record profits amid the cost-of-living crisis, energy giants BP and Shell both slipped 8% as crude oil prices fell.The FTSE 100 had already descended to a three-month low earlier todayThe blue-chip index was trading 2.5% as worries piled high around the shaky Swiss bank Credit Suisse – its shares sank by 30% at one point.
Jittery investors aren’t sure how the bank will handle the collapse of Silicon Valley Bank, with top shareholder, the Saudi National Bank, ruling out providing more support for Credit Suisse.
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