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Oil production concerns and trade war tensions smash global equities

Global equities tumbled as oil slumped on fears oil cartel OPEC will not cut production at its meeting today, while trade war concerns also weighed on sentiment.

The arrest of an executive at Chinese technology firm Huawei seen as a new chapter in the trade tensions between the US and China.

The FTSE 100 closed 3.1% lower at 6,704.

European stocks were also in the doldrums with Germany's DAX down 3.9% at 10,763.

Wall Street suffered smaller falls with the S&P 500 taking the biggest hit of 2.5%.

Brent crude oil fell 4.2% to $59 per barrel and copper cheapened 2.2% to $2.71 per pound.


Packaging company DS Smith slumped 5.8% to 307.3p despite reporting a 27% increase in pre-tax profit and as it said it was exploring opportunities for the sale of its plastics division.

Euromoney Institutional fell 2.3% to £12.50 after it said Thursday it had agreed to acquire The Deal, comprising BoardEx and The Deal, from parent company TheStreet, for $87.3m.

Quirky British brand Ted Baker climbed 1.5% to £14.89 even as it reported a 0.2% loss in Group revenue over the last quarter, as wholesale sales slowed and the retail environment remained challenging.

The company also announced an independent probe into allegations over the conduct of its founder and chief executive Ray Kelvin, the allegations had seen the shares fall sharply earlier in the week.

Listed residential landlord Grainger dipped 1.6% to 223.6p after it said it had been shortlisted as one of three companies by Transport for London for a strategic private rented sector partnership to deliver around 3,000 homes for rent for Londoners on 10 identified sites around tube stations.

Insurer Beazley fell 4.6% to 517.5p as it announced flat year-to-date investment returns and estimated the cost of claims arising from the 2018 California wildfires were $40m, net of reinsurance.


LED lighting specialist Dialight dimmed 8.8% to 300p on a warning that production at its own facility in December was vital to delivering its year-end results.

C4X Discovery Holdings climbed 3.4% to 70p and and e-Therapeutics fell 1.9% to 6.5p as they said they had identified novel approaches to drug targets for the potential treatment of Parkinson's Disease.

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