The price of oil fell to its lowest level since December 2010 today as fears over the German economy and renewed trouble in Hong Kong reverberated across the world.
Brent crude tumbled to $88.11 a barrel, and stock markets in Asia and Europe were also hit. In London, the FTSE 100 index fell 61.43 points, or almost 1 per cent, to 6370.42, having closed at a 12-month low last night.
A run of weak economic data from German has raised expectations that the eurozone will fall into a triple-dip recession.
Chancellor George Osborne this week warned the UK was already suffering from events in Europe, adding: “This is a critical moment for the British economy. It’s already having an impact on our manufacturing and our exports.”
In Hong Kong, students vowed to begin a “new wave of civil disobedience” after authorities called off negotiations with pro-democracy protesters.
Economic uncertainty has also hit the fund management sector. Jupiter Fund Management today said that its net inflows slowed to £218 million during the three months ending September, compared with £721 million the previous quarter.
Jupiter’s assets under management fell 4.5 per cent to £31.6 billion. The figure was hit by the sale of its private-client business to Rathbones last month for £22 million.Reuse content