- FTSE 100 falls 66 points to 8,593
- Primark CEO resigns with immediate effect, says AB Foods
- Wood Group review finds 'material' errors, cultural failings
4.16pm: FTSE losses halved but still substantial
Losses for the FTSE 100 are down to just over 60, having hit a low of just beyond 127 points just after 1pm this afternoon.
BA owner IAG remains the biggest loser, after Virgin Atlantic warns on signs of slowdown in US demand for transatlantic flights, though recorded its first profit in almost a decade.
Sportwear retailer JD Sports and bookmaker Entain, both with sizeable US interests, are both down over 5%, while miners are also prominent fallers, with Anglo American down 4.6% and Antofagasta falling 3.7%.
There are over 20 London blue-chips with share prices flashing green right now, with tobacco giants BAT and Imperial topping the risers, both up over 1%, followed by Severn Trent and Smith & Nephew.
In Europe, the DAX and CAC are down over 1.2% and 1.4%, while in the US losses are being trimmed, with the S&P down 0.6% and the Nasdaq 1.5%.
Over the weekend, the WSJ reported that US President Trump is weighing "broader and higher tariffs" ahead of April 2, including "an across-the-board hike of up to 20%". This week, tariffs will start for "all countries" and he said then we will "see what happens".
3.31pm: 'No-one wins' from tariffs
US broker Wedbush, generally a pretty bullish stock picker, says "the winner in our view from this tariff is no one".
The long-time Musk backer said "even Tesla" is hit from these tariffs and will be forced to raise prices, with analysts viewing the initial 25% tariff on autos from cars outside the US, which is due to be imposed from Wednesday 2 April, is "almost an untenable head scratching number for the US consumer".
"We expect to learn more around the details and implementation of this policy on April 2 but for now investors continue to be bewildered by this announcement."
Wedbush noted that the more auto industry people their analysts speak to around the world, the more it is "becoming crystal clear this tariff/US policy will cause pure chaos to the global auto industry".
It will will raise the prices of a typical car to a US consumer by $5k to $10k out of the gates, the analysts say, adding that "the concept of a US car maker with parts all from the US is a fictional tale that does not exist and would take years to make this concept a reality".
A heavy indication of what Donald Trump is hoping to gain was shared by the US President in a social media post that suggested which companies were shifting some of their production to the US because of the tariffs.
Meanwhile, it was noted that the US trade policy uncertainty index was at an all time high, around 25% above where it peaked in Trump's Trade War 1.0 in his first time.
The S&P 500, down 0.9% today, has meanwhile lost 10.5% in six weeks from its peak, in correction territory as around $3 trillion is erased in the past four trading days.
In London, the FTSE 100 has not quite halved its losses but is well off its worst, though still down 0.9%.
2.52pm: US stocks sell-off too
Wall Street is bathed in red now too, joining up the wave of selling around the world's markets today.
The S&P 500 has fallen 1.3% at the open, down around 7.4% this month, while the tech-heavy Nasdaq Composite has sunk 2.3% to take its decline to over 10% this month and over 12% since the start of the year.
The Dow Jones is down 0.7% today, while the Russell 2000 is down 1.7%.
Big fallers include Moderna, which is down 13.4%, while Palantir is down 7.2%, Tesla has fallen 6.9% and Nvidia 5.1%.
Back in London the FTSE 100 is picking up, presumably attracting interest from across the pond.
1.19pm: Biggest one-day decline this year
The 120-plus decline so far today looks like the worst one-day fall for the FTSE so far this year, down 1.4% on the day.
There have been two 100-plus points falls so far in 2025, both earlier this month.
It would still only take the index back to where it was mid-month, down almost 4% from the all-time high the index reached at the start of March.
British Airways owner IAG is the biggest faller on the index.
There are "increasing concern about the demand picture" for airlines, says Deutsche Bank analyst Andy Chu.
In the past month, the European airlines sector has fallen around 3%, marginally underperforming the wider Euro Stoxx 600's 2% decline.
IAG shares are down over 27% in the past month, much worse than rivas Air France-KLM and Lufthansa, which are both higher.
All three reported strong ends to 2024, "but fears on the back of US airlines warning on domestic demand weakness has since weighed heavily", says Chu.
12.33pm: US funds start to buy Europe
Improving sentiment on European equities has been flagged by analysts at Citi, where they note recent inflows into European equity funds.
The past eight weeks have seen the largest inflows since early 2018, Citi noted, though "only a small dent" compared to the outflows since 2022.
The latest European inflows have been driven by US-based funds, which are "marginal buyers" of Europe and "important bellwether indicators of sentiment".
"Data suggests room for further rotation," Citi said, noting that European performance, particularly small and mid caps, is "strongly correlated with fund flows".
12.16pm: Sell-off deepens
The Footsie is deeper in the red as we move into the afternoon, while across on the Continent the sell-off is even more frenzied.
All the major European benchmarks are sharply lower, with the DAX and CAC 40 both down over 2%.
The Euro Stoxx 50 is down just over 2% and the Euro Stoxx 600 is down 1.8%.
Biggest fallers in the Stoxx 50 are German chemicals group BASF, French construction conglomerate Saint-Gobain, carmakers Volkswagen, BMW, Mercedes-Benz and Stellantis, and luxury and sportswear groups Kering and Adidas.
US futures are also down, led by the Nasdaq, where futures are down 1.4%. S&P 500 futures are 1.05% lower and those for the Dow Jones are down 0.65%.
11.49am: Thames Water moves to next stage of talks
Thames Water Utilities has chosen KKR as its "preferred partner", ie potential next majority owner, moving into a new stage of talks where the US private equity giant could lead a recapitalisation of the UK's largest water company.
Terms for a share sale should be agreed by the end of June, Thames says, enabling it to raise rescue funds by the end of the year.
KKR has proposed a "material impairment", ie write-down, of senior bonds, while the talks are continuing over other details, with no certainty that a binding deal will be agreed.
Earlier this month Thames said it had received approaches from six different parties, mostly existing bond holders.
11.20am: YouGov slides to lowest since 2017
YouGov PLC (AIM:YOU) shares fell 9% to the lowest since late 2017 after the market researcher posted half-year numbers following the replacement of its chief executive last month.
The AIM-listed company reaffirmed full-year guidance but only expects "modest" revenue growth for the second half of its financial year as "trading conditions remain challenging reflecting the current macro-economic backdrop".
Analyst Jessica Pok at Peel Hunt says although there had only been slight underlying top-line growth in the period, the confidence of full-year numbers "gives comfort that things are not deteriorating".
11.01am: A sea of red across markets
The last trading day of the quarter is seeing a sea of red across stock markets.
The sell-off is broad based, notes market analyst Kathleen Brooks at XTB, with more than 550 of the Eurostoxx 600 stocks falling as investors take flight ahead of President Trump’s reciprocal tariffs starting on Wednesday.
Trump's so-called ‘Liberation Day’ for America is "bad news for global stocks", says Brooks, and US futures are also pointing to an 0.8% decline for the S&P 500 later today.
Neil Wilson at TipRanks says investors "have a severe case of nerves" ahead of Trump’s tariff day, and he points that the Nikkei 225 in Japan fell 3.8% to enter correction territory as Trump indicated all countries would be hit by tariffs, not just those with the largest trade imbalances.
The first three months of the year have been a roller coaster, Brooks notes, with markets roiled by the implementation of Trump’s tariff programme, with European stocks having a fantastic start to the year and the Eurostoxx 50 up nearly 9%, the Dax up by 12% and the FTSE 100 almost 6% higher, compared with a 5% drop for the S&P 500 and a 10% slump for the Nasdaq, putting it in correction territory.
A loss of momentum in European stocks in the past couple of weeks reflected falls for the luxury sector and car companies, which are all targeted by the White House.
Wilson says March "took a turn", with global stock markets suffering the worst month since 2022, with even newly assertive Europe down to a seven-week low for the Stoxx 600 this morning.
He notes that over the weekend, Trump said there are "methods" – if not "plans" – to run for a third term.
10.28am: Gold up on 'bad vibes'
Some thoughts on gold strategy from RBC Capital as the yellow metal romps to new highs this morning.
"Uncertainty has the Midas touch", the commodities strategists say, updating gold price forecasts.
Their base case is now for an average price of $3,039 per oz in 2025 and $3,195/oz in 2026 amid "bad vibes and high uncertainty".
Today the price has topped $3,121.
The RBC team say they do not rule out the possibility of a correction from current uncertainty-driven highs, with a new low scenario of $2,821/oz in 2025, they say "it’s clear that economic sentiment has deteriorated and gold’s appeal is more durable in this environment, meaning elevated prices should hold".
In order for gold to take a further leg higher towards $3,200 this would rely on "soft data weakness turning into hard data weakness".
Under RBC's new 'high' scenario, gold averages $3,263/oz in 2025 and peaks at $3,496/oz before year-end.
In metric measures, gold surpassed a significant milestone this morning, rising to above $100,000 per kilogram.
$PHYS $GLD 1 Kilio of #Gold is trading at over US$100,000 - ???? pic.twitter.com/4u9zawGODk
— Vince Stanzione (@Vince_Stanzione) March 31, 2025
10.11am:
Almost half of office workers say they might refuse if they were unable to work from home for their current employer, according to new research from Hays PLC (LSE:HAS).
The survey found 48% professionals would think about quitting if they were made to work full-time in the office, with the proportion rising to 58% for female workers and falling to 42% for men.
Around 77% of the UK workforce currently works on a hybrid arrangement, with some days in the office and some WFH or another location near home, a survey conducted last month found.
Most popular for these hybrid workers is a split of three days in the office, two at home, which has been implemented by a quarter (25%) of firms surveyed and was the same proportion that Hays found in the same survey half a year earlier.
A fifth of employers have asked their workers to attend the workplace more often, while 8% say they plan to ask for this in the next six months, while 66% were concerned that forcing staff back to the office for more days would prompt a backlash.
9.47am: Fairly solid selling
The FTSE 100 had trimmed its losses after an initial fall but is now making a renewed lurch lower, down almost 1.1% now.
British Airways owner IAG and Primark owner AB Foods are the biggest fallers, down 5.2% and 4%, followed by other consumer facing names like Ladbrokes owner Entain and Premier Inn owner Whitbread.
Big miners Glencore and Rio Tinto, financials like St James's Place and Schroders, ad giant WPP and retailer JD Sports are among other fallers, all down at least 2.5%.
London's more domestically focused mid-cap index, the FTSE 250, is tumbling faster, down over 300 points or 1.55% to 19,557.
Pets at Home is leading the decline, down almost 13%, followed by lender Close Brothers, tech name Raspberry Pi, National Express owner Mobico, online retailer and City AM owner THG among other fallers.
European stocks are down sharply too, with France's CAC and Itally's FTSE MIB down 1.3% and 1.4%, while Germany and Spain's DAX and Ibex fall 1.1%.
US futures are down too.
9.14am: Another CEO departure
Another CEO is on the way, this time it's Daily Mirror, Express and MyLondon publisher Reach PLC (LSE:RCH).
Jim Mullen is stepping down with immediate effect, the company says.
Nothing untoward this time, with the decision made by mutual agreement as he leaves to become chief executive of The Jockey Club in June.
Piers North, currently chief revenue officer, has been appointed to replace him, having been at the company since 2014 and having begun his career as a digital journalist.
8.57am: Pets plummets
Pets at Home Group PLC (LSE:PETS) shares have scampered 11.3% lower after the retailer reported trading in line with expectations but gave weak guidance for the new financial year.
A pre-close trading update from the FTSE 250-listed group backed guidance for a pre-tax profit of £133 million for the just completed year to March 2025, in-line with the City analyst consensus.
For the year to March 2026, however, a fall in profit is expected to £115-125 million, stemming from weakness from the Retail side of the business.
As well as an uncertain consumer backdrop, the group pointed to cost pressure from the minimum wage and National Insurance contribution changes that are expected to have an £18 million impact, as well as new packaging regulations adding £2 million and further marketing investment of at least £3 million that are expected to combine to raise operating costs by 5%, even with cost-cutting efforts.
Analyst David Hughes at Shore Capital says: "The continued decline in the Retail arm is likely a cause for concern for investors, however the ongoing growth in the higher margin Vet business is encouraging and if the business does gain market share, it does have the potential to emerge stronger as and when the consumer does recover."
8.28am: Timberrr!
Shares in John Wood Group PLC (LSE:WG.) have tumbled 24% at the open.
Broker Peel Hunt notes that talks with lenders regarding refinancing options continue, "but we anticipate that future funding will be costly".
Talks with Sidara in relation to a possible cash offer also continue.
8.15am: FTSE 100 drops 1% at the open
The FTSE 100 has plummeted almost 91 points or 1.05% to 8,568.2 in initial trading.
Associated British Foods PLC (LSE:ABF) is the biggest faller, down 3.6% after it revealed the CEO of Primark had resigned with immediate effect, over inappropriate behaviour.
Miners are next, with Anglo American, Antofagasta, Glencore and Rio Tinto all down almost 3%.
Only five shares from the index's hundred constituents are in green, mostly tobacco companies and utilities, plus Unilever.
7.53am: Wood Group shares to be suspended
John Wood Group PLC (LSE:WG.) said a review has identified a number of concerns about its accounts and practices, including "material weaknesses and failures" in financial culture, which will require it to delay results to make "material" adjustments to prior year accounts.
Failings included "inappropriate management pressure", including management overriding financial reporting to maintain previously reported positions, including through unsupported dispensations, over-optimism and lack of evidence in respect of accounting judgements.
With instances being identified where information was inappropriately withheld and some unreliable information was provided to auditors, the review has called for "material" adjustments to prior year profit & loss and balance sheets in 2022, 2023 and the first half of 2024, with adjusted EBITDA and EBIT also likely to be restated.
7.34am: Aston Martin to sell F1 stake
Aston Martin Lagonda Global Holdings PLC (LSE:AML) is set to raise over £125 million through a proposed investment by executive chairman Lawrence Stroll's Yew Tree consortium and by selling the company's minority investment in the Aston Martin Aramco Formula One team.
Raising £52.5 million, Yew Tree has agreed to subscribe to new ordinary shares at 70p per share, representing a 7% premium to the closing price at the end of last week.
The consortium has also indicated an interest in increasing its stake to 35%, subject to shareholder approval, and will seek a waiver and shareholder approval to avoid the mandatory offer required when shareholdings exceed 30%.
Aston Martin said it plans to sell its minority stake in the Formula One team, which it expects to exceed the current book value of £74 million.
7.17am: FTSE 100 set to plunge
The FTSE 100 is heading for a sizeable fall on Monday as investors adopt a risk-avoidance strategy ahead of Donald Trump's big tariff day, as proven by gold simultaneously surging to new highs.
In the futures market, London's blue-chip index is pointing to a 53-point plunge at the open, after a week that saw a small gain overall within a fairly tight range as traders refused to put too much risk on the table either way.
Last week also finished with a fairly large sell-off on Wall Street, with the S&P 500 declining almost 2%, the Nasdaq dropping 2.7% and the Dow Jones falling 1.7%, while the VIX 'fear gauge' rose 16% to just under 22.
Asian markets are all in the red this morning, with Japan's Nikkei plunging 3.9% and the Chinese tech-dominated Hang Seng falling 1.8%.
It was reported over the weekend that US President Trump is weighing "broader and higher tariffs" ahead of April 2, including "an across-the-board hike of up to 20%". He said "all countries" will be affected this week and "see what happens".
Tariff talk dominates the market's thoughts as Trump's "liberation day" approaches, says market analyst Ipek Ozkardeskaya at Swissquote Bank.
"Risk appetite is nowhere to be found, the US dollar is weak, gold continues to extend gains into uncharted territories and oil bulls remain unreactive to the news that Trump is 'pissed off' with Putin for unveiling plans for the next Ukrainian leadership."
Gold has climbed above $3,120 per ounce this morning, up from around $3,020 a week ago and $2,600 at the start of the year.
Oil is down this morning despite Trump narked at Putin for suggesting ways to install new leadership in Ukraine by sidelining President Zelensky – a situation that he said could lead to "secondary tariffs" on Russian oil.
Announcements due on Monday 31 March
SSP Group reports interims with some analysts hauling the travel food and beverage operator's progress but worried about cashflows...read more
Interims: James Halstead PLC, SSP Group PLC, YouGov PLC, Victoria Plumbing PLC
Finals: Alfa Financial Software Holdings, Artisanal Spirits Company, Inspired PLC, Itaconix, Petershill Partners, Portmeirion, RTW Biotech Opportunities
AGMs: CapAI Plc, Hutchmed (China) Ltd, IDOX plc, Lexington Gold Ltd, Mediazest, Pri0r1ty Intelligence Group Plc, Agriterra Ltd, Montanaro UK Smaller Cos Investment Trust plc, Zenova Group plc, River Global plc
Economic announcements: Nationwide House Prices (UK), Mortgage Approvals (UK), Consumer Credit (UK), Import Price Index (GER), Retail Sales (GER), Consumer Price Index (GER), Chicago PMI (US)