FTSE 100 plunges as trade worries fuel selloff

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo - Copyright Toby Melville(Reuters)

By Reuters

Published on 05/08/2019 - 09:34•Updated 05/05/2024 - 02:22

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(Reuters) - London's main index shed 1% in early deals and joined a global market selloff on Monday, as U.S.-China trade tensions sent investors rushing to safe haven assets, while Ocado and M&S slipped after setting up an online food joint venture.

The FTSE 100 <.FTSE>, which had slumped more than 2% on Friday, sank to a more than seven-week low with all constituent sectors in the red by 0708 GMT. The mid-cap FTSE 250 <.FTMC> fell 0.9%.

Retailer Marks & Spencer <MKS.L> and online supermarket Ocado <OCDO.L> gave up about 2.5% each after sealing a deal to set up an online food venture that will result in the termination of Ocado's current deal with Waitrose [JLPLC.UL].

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Anil D'Silva)

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Iranian carpet shop owner Ali Faez works at his shop at the traditional bazaar of the city of Kashan, about 152 miles (245 km) south of the capital Tehran, Iran.

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