Sunday, May 28, 2023

FTSE 100 plunges as UK prepares Russia sanctions – live updates

Ggood morning.

It’s set to be a tumultuous day on markets after Russian President Vladimir Putin stepped up the assault on Ukraine.

The Russian leader ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognizing them as independent on Monday, sparking fears of a full-blown conflict.

Asian markets slumped, and the FTSE 100 is set to follow suit. Fears of disruption in energy markets sent natural gas prices surging 13pc, while oil prices pushed towards $100 a barrel.

5 things to start your day

1) The City takes on Brussels in ‘high stakes poker’ over Brexit freedoms EU-era regulations under scrutiny as bloc ramps up plans to poach clearing off London

2) Lotus courts investors to capitalize on China’s electric car revolution British supercar maker hopes China’s middle-class can be its new growth engine

3) Richard Branson’s Hyperloop slashes half its staff in cargo shift Redundancies follow exodus of executives at vacuum-based transport company

4) British regulator wades into Sir Nick Clegg’s battle with Google The search giant’s move to block ad-tracking tech could cost Facebook tens of billions of dollars

5) Heathrow chief quits civil service recruitment panel after backlash from airlines John Holland-Kaye steps down after airlines raised impartiality fears

What happened overnight

Global stocks tumbled while safe-havens rallied and oil surged as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.

MSCI’s broadest index of Asia Pacific shares outside Japan was on course for its worst day for this month, off 1.7pc, weighed by markets in Hong Kong and mainland China. Japan’s Nikkei shed 1.7pc.

US and European markets were also braced for sharp losses at the opening bell, with S&P 500 futures down 1.4pc, Nasdaq futures off 1.9pc, the pan-region Euro Stoxx 50 futures 1.1pc lower, and FTSE futures down 0.6pc.

Coming up today

  • Corporate: Antofagasta, HSBC, InterContinental Hotels Group, Smith & Nephew (full-year results); Hargreaves Lansdown (interims)
  • Economics: House price index (US)manufacturing PMI (US)services PMI (US)consumer confidence (US)inflation (EU)

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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