Trump trade war talk sees markets hit
The Footsie fell more than 100 points as it headed further back down to the 7,000 mark as investors were spooked by US president Donald Trump’s plans to levy tariffs on imported steel and aluminium.
The decision, part of Mr Trump’s “make America great again” campaign, has sparked concerns over a trade war.
David Madden, market analyst at CMC Markets UK, said: “Equity markets are under serious pressure after President Trump revealed his plans to levy tariffs on imported steel and aluminium. Whenever a country slaps levies on imports, it is often met with a similar response from other countries, and this is where the selling pressure is coming from.”
The FTSE 100 index closed down 105.74 points at 7,069.9.
Mike Ashley’s Sports Direct has again upped its stake in struggling department store chain Debenhams, bringing it close to a level at which it must launch a takeover bid.
A stock exchange announcement showed that Sports Direct has raised its interest in Debenhams from 23 per cent to 29.7 per cent, the latest in a series of increases.
Shares in Debenhams rose 0.5p to 28.4p. Takeover target Revolution
Bars swung to a loss in the first
half of the year as the group was weighed down by exceptional costs. Shares in the group fell 13p to 157p.