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US plunges as Saudi crisis adds to economy fears

US markets were back in negative territory as investors sold shares on renewed fears of a trade war with China and higher interest rates.

There was added concern over Treasury secretary Steven Mnuchin’s withdrawal from the Future Investment Initiative summit in Saudi Arabia as the international stand-off over missing journalist Jamal Khashoggi escalated.

The Dow Jones was 327.23.68 points or 1.27% lower while the S&P 500 was down 38.32 points or 1.36% and the Nasdaq fell 154 points or 2.02%.

On the currency markets the pound was down 0.56% at $1.304, while against the euro was at €1.1379, a fall of 0.22%.

The pound came under pressure on reports that EU leaders were close to pulling the plug on Brexit talks.

The FTSE 100 closed at 7,026.99, a fall of 28 points or 0.39%.

The mid-cap FTSE 250 ended the day 53 points lower or 0.28% at 18,961.35.

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