- Global markets suffered significant losses as an escalation in tensions over trade spooked investors.

According to reports, the next set of Chinese trade restrictions is expected from US President Donald Trump this week.

Further fuel was added to the fire after Harley-Davidson said it will shift some motorcycle production outside of the US to avoid European tariffs.

The FTSE 100 tumbled 2.2% to 7,509 with miners among the worst hit.

Overseas markets failed to fare any better with the tech-heavy Nasdaq falling 2.1% to 7,526 in the US around 5pm time.

In Europe, Germany's DAX dropped 2.4% to 12,270.

Brent crude oil slipped 1.7% to $74.28 per barrel.


Shares in satellite telecoms company Inmarsat (ISAT) climbed 4.3% to 632.2p after satellite operator Eutelsat confirmed it was considering a takeover bid.

Workspace solutions provider IWG (IWG) on confirmation it received a takeover approach from Terra Firma Investments, pushing the shares 3.2% higher to 326.8p.

Cruise operator Carnival (CCL) reduced its adjusted earnings per share guidance to a range of $4.15 to $4.25, which is lower than previous expectations. The stock sunk 11.1% to £42.15.

Old Mutual's (OML) UK wealth business Quilter (QLT) officially listed as a separate company in London and South Africa, and enjoyed a 4.8% rise to 152p.

Turnaround specialist Melrose (MRO) revealed its acquisition of engineering group GKN was cleared by the Committee on Foreign Investment in the US. Shares in Melrose were down 4.2% at 212.6p.


A profit warning from estate agent Countrywide (CWD) triggered a 28% sell-off to 56.5p. The company warned first half earnings will fall £20m year-on-year.

Shares in Red Emperor Resources (RMP) doubled to 1.8p on the news it will acquire and drill a significantly large oil prospect on the Alaska North Slope.

Investors were impressed by Greatland Gold's (GGP) laboratory assay data from its first drill hole at its 100% owned Havieron licence in Western Australia as the shares jumped 27.7% to 1.4p.

Oil company Soco International (SIA) was flat at 94.6p after agreeing to sell its Congo unit to Coast Energy Congo for up to $10m and for a royalty on future oil and condensate production.

Housebuilder Inland Homes (INL) was up 1.2% at 68.8p on the completed sale of phase two of its Sherborne Wharf project in Birmingham to Crest Nicholson (CRST) for £4.3m.

Story provided by