Source: Sharecast
London stocks were in freefall by midday on Friday as Trump’s trade war escalated after China said it would impose additional tariffs of 34% on US imports.
The FTSE 250 was down almost 4%. China, which is facing 54% tariffs on its exports to the US, said the tariffs would be imposed from 10 April.
Investors were also mulling comments from International Monetary Fund chief Kristalina Georgieva, who said that US tariffs were "a significant risk to the global outlook".
She said in a statement that it was "important to avoid steps that could further harm the world economy" and appealed to the US and its trading partners "to work constructively to resolve trade tensions and reduce uncertainty".
Oil prices fell again after a 6.4% plunge on Thursday. Brent crude was down almost 2% $68.79 a barrel as investors feared a slowdown in the global economy and an upcoming output increase planned by OPEC+ nations next week. The news hit Diversified Energy and Harbour Energy.
Cyclical stocks - which are linked to the overall performance of the economy - were under the cosh, with housebuilder Vistry and travel food outlet operator SSP both down sharply.
Russ Mould, investment director at AJ Bell, said "defensive stocks continued to buck the selloff".
"You can see where people’s priorities lie - keeping the lights on, having a smoke and a pint of Guinness are simple pleasures when the world is falling apart," he said. Pub group Mitchells & Butlers, Domino's Pizza, Hilton Food and rival convenience food producer Bakkavor all edged ahead on a tough day.
Market Movers
FTSE 250 - Risers
Hilton Food Group (HFG) 864.00p 3.23%
Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 285.00p 2.70%
BH Macro Ltd. GBP Shares (BHMG) 380.50p 1.47%
Mitchells & Butlers (MAB) 210.00p 0.72%
Bakkavor Group (BAKK) 190.20p 0.53%
Domino's Pizza Group (DOM) 271.00p 0.22%
The Renewables Infrastructure Group Limited (TRIG) 75.20p 0.00%
Tami Senior Securitisation 2 Ltd Cls A-2 Mb Fxd Rte Nts 31/12/23 (Reg S) (BP00) 0.00p 0.00%
Personal Assets Trust (PNL) 505.00p 0.00%
International Distribution Services (IDS) 365.20p -0.05%
FTSE 250 - Fallers
Vistry Group (VTY) 521.40p -11.02%
Vesuvius (VSVS) 332.00p -9.34%
Harbour Energy (HBR) 177.20p -9.13%
Diversified Energy Company (DEC) 915.00p -8.86%
Trustpilot Group (TRST) 193.30p -8.82%
Aston Martin Lagonda Global Holdings (AML) 63.40p -8.32%
Senior (SNR) 128.00p -8.31%
Just Group (JUST) 128.00p -8.18%
RHI Magnesita N.V. (DI) (RHIM) 2,635.00p -8.03%
SSP Group (SSPG) 141.50p -7.94%
