FTSE 100 slumps 2.6% to 7,141 to wipe all gains on year’s trading but New York recovers late on
Shares in London plunged for a sixth day and by the largest amount since the Brexit vote as concerns grew that febrile global stock markets, which have lost $4tn (£2.9tn) in value since Friday, were in the grip of panic-selling.
The FTSE 100 slumped 2.6% to 7,141 to wipe out all the gains from this year’s trading and set the index of Britain’s most valuable companies on course for a second week of losses. Investors took fright elsewhere in Europe, with markets in Germany, France and Spain all closing down by more than 2%.
A stock market boom, a bitcoin bubble, trade indices at recent highs, a low fear factor, even eurozone GDP is rising. But 2017 hasn’t been all good
• The most-read business stories of 2017
All the day’s economic and financial news, as investors count their profits on the final trading day of 2017
Like most financial assets, shares are generally held by richer people (either directly or through pension funds). So the surge in global stock markets this year won’t have helped tackle wealth inequality.
The FTSE 100’s 6% rise this year has outpaced inflation (3.1% in December) and wages (up 2.3% during 2017).
UK to sink to the bottom of OECD wage growth index in 2018 https://t.co/cphbf3Wd9i
2017 hasn’t just been about rising stock markets. Brexit, Donald Trump, food safety, inequality and even a giant, sadly deceased, rabbit called Simon featured in our most popular stories this year.
Here’s a round-up of the business news that got you all clicking this year.
Related: 2017’s top business stories: Ryanair crisis, hackers and a giant rabbit