London's blue-chip index sank at the open on Monday as markets reacted cautiously to a French snap election being called on Sunday.
Other global markets also traded lower following Emmanuel Macron’s announcement to hold an election on June 30.
In Britain, fresh unemployment data highlighted concerns about a weaker UK labour market after it was revealed the number of people looking for a job had risen to its highest rate in three and a half years. A mix of increased job cuts and less hiring meant a rise in unemployment in May, marking the 15th consecutive month of rises and taking the figure to the highest since December 2020.
In company news, industrial equipment provider Ashtead revealed it is considering joining the London exodus by switching its listing to the US. A company review is in its preliminary stages to see whether it is viable to make the same switch as done by betting group Flutter, building materials supplier CRH, and plumbing firm Ferguson.
Meanwhile, Shein, the Chinese fast-fashion company, is facing pressure from workers’ rights campaigners who have said it would be “yet another betrayal to working people” if it were to join the FTSE.