UK shares were smashed today

China cut its guiding rate for the yuan for a second day running and the effect on the UK stock market was devastating.

The FTSE 100 fell 1.43%, or 95 points to 6569.36, on concerns a weaker yuan will worsen the commodities rout and deflate corporate profits.

Here’s today’s chart:

Miners, already battered by the falling price of commodities, were among the hardest hit. Retailers also did poorly.

Glencore was down as low as 5.76%, Tesco fell almost 3%, and Sports Direct dropped as low as 3.86%.

Randgold Resources was an exception, popping up more than 5% on the strengthening gold price.

NOW WATCH: These are the side effects of sleeping on your back, side, and stomach

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at