Britain’s leading share index fell to 6,286 points this morning after doors opened, a decline of 1.26%.
Stock markets continued to tumble globally following China’s factory output slump and the Greek Prime Minister Alex Tsipras' resignation. Oil crashed to its lowest level since March 2009, reaching $46.32 per barrel. It’s heading for its eighth straight weekly decline; not since 1986 has the run been so long.
News that the Footsie had lost £188billion since its record high on April 27 prompted one analyst at IG to suggest that “Dark, mysterious forces at work in the markets."
US stocks dropped again yesterday when the exchange opened with concerns over China and US interest rates keeping the mood of global stock markets depressed. Likewise, the UK blue chip index fell almost 2 per cent yesterday, closing at a seven month low, looking set to reach its longest losing streak since 2011 today.
The Footsie will have fallen for eight straight sessions, having dropped every day since China devalued its currency last week. The Shanghai Composite Index had 4.27 per cent wiped off it's value at the time of writing, just exceeding Greece's drop. European markets reflected the trend with Frankfurt’s Dax 30 index and Paris' CAC 40 index both losing 1.5 per cent.