Highlights
- FTSE 100 down 51 points at 10,714
- Bunzl leads the losers
- Anglo American production passes muster
No surprises
As expected, the wobbles in Asia fanned out to London, sending the FTSE 100 down 51 points. Anglo American's production report was generally well received, but Bunzl's trading statement, the packaging firm, was less so, and it led the blue-chip losers' list.
Asia tech rout deepens on AI spending fears
The FTSE 100 is expected to open 56 points lower on Tuesday after technology stocks led sharp losses across Asian markets, with chip giants bearing the brunt of a sector-wide sell-off.
Seoul and Tokyo were hit hardest, with South Korea's Kospi sinking more than 4% at one point as SK Hynix and Samsung shed more than 3% and 1%, respectively.
In Tokyo, the Nikkei 225 dropped around 1% as tech investor SoftBank dropped more than 5%.
The losses came despite a positive session on Wall Street, where the Nasdaq rose on gains in Amazon, Microsoft and Nvidia, and the Philadelphia Semiconductor Index climbed 1.6%.
Investors are now braced for a run of key earnings releases, with Meta and Tesla due to report this week.
Analysts warn that expectations have risen so high that even solid results may disappoint.
Oil prices edged higher, with Brent crude hovering around $110 a barrel.
This followed Iran's First Vice President Mohammad Reza Aref's comments that Tehran must assert control over the Strait of Hormuz, the critical shipping lane for global energy supplies.
