FTSE CLOSE: UK manufacturing slides to seven-year low; Channel tunnel firm ‘ready for a no-deal Brexit’; US-China trade war escalates
- Channel tunnel operator GetLink insists it is ‘ready for a no-deal Brexit’
- There was a marked escalation in the US-China trade war overnight
- The latest UK manufacturing figures show activity slid to a 7-year low
The FTSE 100 closed up 74.76 points at 7281.94 and the pound was at $1.21 against the dollar.
The pound fell at the start of a potentially turbulent week for the currency. While the move was predominately focused on Brexit, sterling also slid on the back of weaker-than-expected manufacturing figures released this morning.
Meanwhile, Channel tunnel operator GetLink said it is ‘ready for a no-deal Brexit’ and prepared to deal with the potential new customs regulations.
The US imposed fresh tariffs on $112billion of Chinese imported goods, including shoes and food, and Beijing retaliated with a 5 per cent tariff on US crude oil.
It marks a dramatic escalation in the ongoing row between the world’s two biggest economies.