FX.co ★ FTSE 100 Heads for Worst Day in 2 Years

On Friday, the FTSE 100 experienced a significant downturn, falling by over 300 points, or 3.5%, to close at 8,170. This represents the most substantial single-day drop since March 2023, reaching its lowest point since the end of December. The market decline was exacerbated by China's finance ministry unveiling a 34% tariff on all U.S. imports, effective from April 10, as a countermeasure against comprehensive U.S. tariffs. The banking sector was hit hardest, with Standard Chartered tumbling 5.9%, Barclays dropping 8.6%, NatWest declining 7.7%, and HSBC falling 6.2%. The mining sector also suffered significant losses amidst concerns over a global economic slowdown, with shares in Glencore, Anglo American, and Fresnillo falling between 6% and 10%, and Rio Tinto decreasing by 4.5%. The oil sector was not spared, as stock prices for companies like Shell and BP dipped around 5% due to the combination of OPEC+ increasing supply and ongoing trade friction. Concurrently, BP's Chairman, Helge Lund, stepped down, mentioning the company's focus on strategic execution as his reason. BP announced a shift to prioritize oil and gas projects, reducing its investments in renewable energy initiatives. The FTSE 100 concluded the week with an overall decline of 5.7%.