FTSE100 turned sharply lower again after wild gyrations in the oil price overnight.
Brent crude tumbled 17% at one point as UAE surged it would produce more to ease the current supply concerns.
The index shed 79 at 7,111 in early deals.
Chancellor Rishi Sunak must either borrow billions more or allow households to suffer the worst income squeeze since the 70s, economists claimed today. This is due to the impact of the Ukraine crisis on finances, adding to inflationary pressures caused by Brexit and the pandemic.
The UK is to invest £4bn to make 150 new naval and civil ship vessels. The Ministry of Defence will also publish its new National Shipbuilding Strategy, which will reveal how the government plans to support shipyards in England.
John Lewis has restored its annual bonus for employees after it was scrapped last year, for the first time since 1953, on pandemic-related struggles.
The bonus will be 3% of salary, while it also vowed to increase wages on surging living costs.
Boohoo Group said it expects full-year profits to be in line with guidance and market expectations. The online fashion retailer forecast full year underlying profits of around £125mln, after net sales grew 14% on the previous year and 61% compared with two years ago.
Greatland Gold told investors that six drill rigs are back operation at the Havieron gold-copper project after it was shut down over Christmas. Recent results included 52.7m at 7.1g/t gold and 0.04% copper at the Northwest Pod.
Gore Street Energy is to acquire a portfolio consisting of eight energy storage assets in Texas. Following the acquisition, the energy storage fund will have 262 MW in operating assets, and a total portfolio of 708 MW, including the 28 MWh German acquisition announced last week.