Markets slump as factory jobs are slashed

Global markets slumped after new figures revealed a major manufacturing slowdown with mass factory job cuts across the world.

London’s top flight closed 217.39 points lower at 5,454.57.

Other major European markets also fell on the back of disappointing Purchasing Managers’ Index data, although many stocks pulled up slightly from intra-day lows.

The German Dax decreased 3.94%, while the French Cac moved 4.3% lower.

Across the Atlantic, the Dow Jones opened lower as trading sentiment was particularly weakened by Donald Trump’s Tuesday warning that the next two weeks are going to be “very painful”.

Meanwhile, sterling slipped against the stronger dollar amid caution over the manufacturing sector data.

The value of the pound fell 0.18% versus the US dollar at 1.239 and was up 0.75% against the euro at 1.133.

The price of oil moved back into the red as demand woes continued to press on the market. The price of a barrel of Brent crude oil fell 3.56% to $24.9.

In the banking sector HSBC fell 43.25p to 411p, Royal Bank of Scotland fell 5.9p to 107p, Lloyds closed 3.73p lower at 28.27p and Barclays slid 11.25p to 82.86p.

The biggest risers on the FTSE 100 were Ocado, up 109.5p at 1,329.5p, BAT, up 97.5p at 2,856.5p, Imperial Brands, up 33.2p at 1,530p, and Morrisons, up 2.5p at 180.5p.

The biggest fallers were Carnival, down 202.4p at 779p, Meggitt, down 44.7p at 245.6p, Melrose, down 13.5p at 78p, and Barclays, down 11.25p to 82.86p.