FTSE 100 LIVE: UK market plummets as Boris considers another nationwide lockdown

It comes as Asian shares and most currencies held tight ranges on Monday, as investors awaited developments on US fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe. “While the economic recovery continues, momentum is clearly slowing,” Kathy Bostjancic, chief US financial economist at Oxford Economics wrote in a note. “The second phase of the recovery will likely be bumpy and fraught with pitfalls,” Bostjancic added.

“The development of the pandemic remains the overriding factor driving the economy, discussions on the fiscal policy, and ultra loose policy by the Fed.”

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent weaker, though it was not too far from a June 2018 peak at 568.84.

Australia’s .AXJO benchmark index slipped 0.5 percent while New Zealand’s .NZ50 stumbled 0.6 percent Chinese shares opened in the red with the blue-chip index .CSI300 down 0.3 percent.

Meanwhile, on Friday, US stocks declined with the Dow .DJI down 0.9 percent, the S&P 500 .SPX losing 1.1 percent and Nasdaq Composite .IXIC dropping 1.07 percent.

8.30am update: FTSE plummets on open

FTSE has dropped more than 2% in the first half hour of trading this morning.

The UK index closed Friday at 6,007, after a tricky week marred by coronavirus uncertainty.

Amid rumours the UK is set to enter another nationwide lockdown, the index has fallen to 5,885 this morning.

More to follow…