Tech firms fall amid global gloom

US stocks surrendered early gains as tech stocks continues their decline for a fourth day, while Treasury yields retreated from a seven-year peak amid rising trade tensions and a sketchy outlook for global growth.

The dollar rose and crude headed toward $75 a barrel. The Nasdaq 100 Index, which lost nearly 4pc over the previous three sessions, was up as much as 1pc before turning negative. The S&P 500 Index and Dow Jones Industrial Average fell amid a decline in materials shares after a leading coatings maker warned that profits would fall short of analyst forecasts.

In Europe, the Stoxx Europe 600 Index headed for a fourth day of declines.

The MSCI Asia Pacific Index notched a seventh straight drop, though stocks in Shanghai rose following the biggest selloff in more than three months. The yuan gained in onshore trading after sliding a day earlier. Japanese stocks slumped.

Italy’s FTSE MIB Index started on the front foot, though it reversed gains to edge closer to a bear market. The country’s 10-year yields climbed again as Finance Minister Giovanni Tria appealed for calm amid the war of words between the government and EU.

The pound weakened amid a slew of Brexit warnings. A gloomy mood continues to permeate markets, and it looks like the latest report from the IMF will do little to spur investor confidence. The fund has reduced its outlook for global growth for the first time since 2016.

Meanwhile, Chinese Internet giant Tencent continued to plunge, falling 38pc, or $220bn, from its January high. It has lost more market value than any other company in the world this year.