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.
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