down nearly 2.5 per cent each. Oil prices dropped more than $6 as fears grew over weaker fuel demand in China after financial hub Shanghai’s lockdown to curb a surge in Covid-19 infections.declined 4.1 per cent after the lender disclosed around a £450 million loss on mishandled bond trades and said this meant it would have to delay a share buyback. Aero-engine makertumbled 10.7 per cent to the bottom of the FTSE 100 after a near 20 per cent surge on Friday.
Seven of the 11 major S&P sectors declined. Strong economic data and gains in beaten-down growth stocks have powered Wall Street’s main indexes in the recent days, despite the Russia-Ukraine conflict and hawkish comments from
US Treasuries being dumped since the USA defaulted on its debt to Russia. They are no longer considered a risk free asset.