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It’s Friday morning and London’s blue-chip index is suffering another big loss after the tech rout deepened on global markets overnight. The FTSE 100 was down 1.6 per cent in early trading to 10,605p.
It follows South Korea’s Kospi index tumbing more than five per cent, triggering a halt in trading on the exchange, while Japan’s Nikkei 225 index fell around six per cent. Taiwan’s benchmark Taiex index also dropped just over six per cent.
The Nasdaq dropped more than five per cent led by major sell-offs in AI-related stocks and chipmakers in the aftermath of the US midterms.
Meanwhile, oil prices were trading below $100 per barrel, on track to post a weekly loss of more than 11 per cent, driven by optimism over a potentially quicker resolution to the Middle East conflict following a Democratic sweep in the US midterm elections.
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