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FTSE 100 Down More Than 4% After Dismal Start
(RTTNews) - U.K. stocks are reeling under a severe bout of selling pressure on Monday, mirroring the sell-off in global markets amid rising fears of a recession due to U.S. President Donald Trump's tariffs on almost all goods imported into America, and China's retaliatory move in reaction to the U.S.'s move.
Selling is widespread and not a single sector has been spared. The benchmark FTSE 100, which dropped to 7,538.25 earlier in the session, losing nearly 520 points in the process, is down 338.23 points or 4.2% at 7,716.75 a little past noon.
Entain, up 0.6%, is the lone stock among the FTSE 100 constituents to have moved above the flat line.
Melrose Industries, Intermediate Capital Group, Scottish Mortgage, Shell, Croda International, Games Workshop, Polar Capital Technology Trust, Relx, WPP, Halma and Convatec Group are down 5 to 7%.
Informa, BP, AstraZeneca, IAG, BP, Haleon, Smiths Group, Unilever, GSK, Intertek Group, M&G, National Grid, Segro, Coca-Cola HBC, Schroders, Prudential, Weir Group, British American Tobacco, Reckitt Benckiser, Next and BT Group are down 3 to 5%.
In economic news, UK house prices dropped for the second straight month in March as stamp duty holiday ended amid weaker economic outlook, mortgage lender Halifax said Monday.
House prices slid unexpectedly by 0.5% month-on-month, bigger than February's 0.2% drop. This was the second consecutive decline. Prices were forecast to climb 0.2%.
On a yearly basis, growth in house prices remained at 2.8% in January. Average property price cost GBP 296,699 compared to GBP 298,274 in previous month.
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