FTSE 100 sinks deeper amid US concerns

The London market sunk deeper into the red yesterday as investor enthusiasm for the US President’s promised banking and tax reforms started to wane.

The FTSE 100 Index closed down 53.62 points to 7,324.72.

US markets struggled to recover after Tuesday’s sell-off on Wall Street, which saw the S&P 500 post its biggest oneday loss since October last year.

Investors have started to question whether key aspects of President Donald Trump’s agenda will be delayed as the Republican-backed American Health Care Act appears to be in trouble ahead of a House of Representatives vote.

On the currency markets, sterling was 0.1% higher at 1.248 against the US dollar and also slightly higher versus the euro at 1.154.

In UK stocks, airline shares were trading lower amid plans in the UK to introduce security measures banning laptops and other electronic devices from being carried in cabin luggage.

Low-cost carrier easyJet was off 24p at 985p while British Airways-owner International Consolidated Airlines Group (IAG) dropped 15.5p to 545p.

The biggest risers on the FTSE 100 Index were Antofagasta up 14p to 843.5p and Anglo American up 18p to 1,265p..

The biggest fallers were Kingfisher down 17.6p to 328p and Standard Life down 10.2p to 356.2p.