FTSE 100 in biggest drop since April as stock market sell-off continues – as it happened

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And finally, Britain’s stock market has recorded its biggest one-day fall since the early days of Donald Trump’s trade war.The blue-chip FTSE 100 share index has closed down 123 points, or 1.27%, at 9552 points, its lowest closing point since 22 October.That is the index’s biggest one-day drop since 7 April, shortly after Donald Trump announced his swathe of ‘Liberation Day’ tariffs.Engineering company Melrose (-3.

9%), copper producer Antofagasta (-3,7%) and private equity firm 3i (-3,6%) led the fallers, on a day in which markets were hit by worries about AI valuations,Asia-Pacific stocks had earlier dipped to a one-month low today, amid signs that the enthusiasm that has driven stocks higher in recent months is fading, with shares, risky currencies and crypto assets all sliding,Fading hopes of a US interest rate cut in December, and anxiety over Nvidia’s results due on Wednesday, were also cited as factors.

Here’s our news story about today’s market sell-off:Goodnight! GW“Even before investors get a chance to sample the week’s big news, markets are showing signs of strain,” says Danni Hewson, head of financial analysis at AJ Bell.Hewson adds:“It almost feels like whiplash to have been discussing the potential for the FTSE 100 to hit the 10,000 mark last week when this week it seems to be doing its best to slump back towards its previous milestone.“Nerves are palpable and by the end of the week we might have a good sense of whether the year will end with a bang or a pop.”That ‘big news’ is Nvidia’s results, due after the Wall Street close tomorrow, and the delayed US non-farm payroll set for Thursday.Paschal Donohoe’s departure from Irish politics to become managing director of the World Bank will trigger another race for his second job as head of the Eurogroup ,an influential alliance of countries that use the euro.

According to the Business Post’s Brussels correspondent Sarah Collins, Spanish economy minister Carlos Cuerpo almost got the numbers the last time around and could lead the field of contenders,Donohoe, was reappointed for a third term in July,His other challenger last summer, Lithuania’s Rimantas Šadžius, is no longer a minister,And finally, Britain’s stock market has recorded its biggest one-day fall since the early days of Donald Trump’s trade war,The blue-chip FTSE 100 share index has closed down 123 points, or 1.

27%, at 9552 points, its lowest closing point since 22 October.That is the index’s biggest one-day drop since 7 April, shortly after Donald Trump announced his swathe of ‘Liberation Day’ tariffs.Engineering company Melrose (-3.9%), copper producer Antofagasta (-3.7%) and private equity firm 3i (-3.

6%) led the fallers, on a day in which markets were hit by worries about AI valuations,Asia-Pacific stocks had earlier dipped to a one-month low today, amid signs that the enthusiasm that has driven stocks higher in recent months is fading, with shares, risky currencies and crypto assets all sliding,Fading hopes of a US interest rate cut in December, and anxiety over Nvidia’s results due on Wednesday, were also cited as factors,Here’s our news story about today’s market sell-off:Goodnight! GWCompanies at the heart of this year’s AI boom are among the biggest fallers on Wall Street today,Chipmaker Nvidia are down 2.

3%, Microsoft has lost 3.3%, and Google’s parent company Alphabet has lost 2.6%.Google has just launched the latest version of Gemini, its AI model.It claims that Gemini 3 will bring in “a new era of intelligence”, saying:It’s state-of-the-art in reasoning, built to grasp depth and nuance — whether it’s perceiving the subtle clues in a creative idea, or peeling apart the overlapping layers of a difficult problem.

Gemini 3 is also much better at figuring out the context and intent behind your request, so you get what you need with less prompting,It’s amazing to think that in just two years, AI has evolved from simply reading text and images to reading the room,On a day in which anxiety over AI valuations has been starkly apparent, Google is emphasizing that Gemini’s new capabilities will be immediately available in several profit-generating products like its search engine,CEO Sundar Pichai has described it as “our most intelligent model,” in a company blog post,The US S&P 500 share index is on track for its longest slide since August, points out Bloomberg, with today’s losses setting it up four its fourth daily drop in a row.

The S&P 500 index is now down around 1%.There’s been no let-up in the selling across Europe today.As the session draws towards a close, the UK’s FTSE 100 share index is now down 153 points, or 1.6%, at 9,521 points.France’s CAC 40 index is down 2.

2%, and Germany’s DAX has lost almost 2%.Simon Harris, Ireland’s ebullient deputy prime minister, will be the country’s new finance minister in a major reshuffle that sees him drop his foreign affairs portfolio.Helen McEntee, the current education minister, will be the new foreign affairs minister, attending council meetings in Europe and dealing with US foreign and tariff policy.She is best known internationally as part of the team who helped negotiate Brexit under former taoiseach Leo Varadkar.The reshuffle was triggered by the surprise news on Tuesday that the long standing cabinet minister Paschal Donohoe was quitting to go to the World Bank in Washington as managing director (see earlier post).

Finance is considered one of the top portfolios in any country along with foreign affairs and home affairs.But it has taken on huge importance this year in Dublin as the country came under relentless attack from Donald Trump which accused Ireland of “stealing” US pharma companies.There’s little more than a week to go until Rachel Reeves delivers her long-awaited budget.But if the fiscal update goes badly, could the chancellor be bounced into a second budget?!David Zahn, the head of European fixed income at Franklin Templeton, said the biggest risk from the budget on 26 November was that Reeves “disappoints”, leading to a sharp rise in bond yields – the interest rate on UK government debt.In that scenario “it forces her hand to do a secondary budget”, Zahn told reporters in London this morning, adding:“It depends how the bond market reacts.

If the bond market reacts very badly … the government will have to react if bond yields start to go up too much.”More by, err, me here:Shares in Ocado have dived 14% - to the lowest level since 2013 – after Kroger, its major partner in the US, announced the closure of three warehouses using the UK company’s high tech equipment.Ocado signed a deal to build 20 automated warehouses for Kroger in 2018, eight of which are currently live with two more planned for next year.The deal was seen as a major part of Ocado’s plan to sell its online grocery delivery technology internationally.However, on Tuesday, Kroger said sites in Frederick in Maryland, Pleasant Prairie in Wisconsin, and Groveland in Florida would close in January.

Ocado said it expected to receive more than $250m in compensation for fees related to the early closure of the sites but its fee revenue this financial year would take a $50m hit,Kroger said on Tuesday that “a comprehensive review” of its set up had “identified opportunities to optimise its fulfillment network”,It said it would now mover towards a “hybrid fulfillment network” testing out “capital-light, store-based automation in high-volume geographies” while continuing to use automated warehouse processing of online orders where it sees “higher density of demand,” It noted that it had recently expanded its relationship with quick delivery service providers DoorDash and Instacart,The British company said in a statement:“Ocado continues to engage with Kroger on these and other matters, and expects significant growth in the US market, both with [warehousing] and store based automation.

”The opening bell on the New York stock market has rung, and another wave of selling has begun.The Dow Jones Industrial Average has dropped by 379 points, or 0.8%, in early trading to 46,211 points, and has hit a one-month low.Home Depot are the top faller, down 3.3%, followed by Amazon (-2.

1%),Stocks continue to be hit by concerns that technology company valuations have surged too high, and pessimism that the US Federal Reserve might cut interest rates as soon as next month,Bank of England chief economist Huw Pill has indicated that he isn’t close to changing his position and voting for a cut in interest rates,Speaking in London this morning, Pill argued that policymakers should not place too much weight on often-noisy short-run economic data, saying:“I think policymakers should be cautious about over-interpreting the latest news in data, because there is a lot of noise in the data flow, and partly because of some of the challenges our colleagues in the Office for National Statistics have faced,”Earlier this month, Pill was one of five policymakers who voted to leave interest rates on hold, outvoting four who wanted a cut.

Today’s comments suggests he may not be persuaded to change his view by the recent increase in unemployment, and slowdown in wage growth.Wall Street’s fear index has hit a one-month high today, Reuters reports, as investors have grown more jittery.The CBOE volatility index, known as the VIX, is currently up 1.2 points at 23.58 points.

We also have fresh evidence that US companies cut jobs last month,With official economic statistics slowly roaring back into life after the US government shutdown, economists are indebted to other sources, such as payroll operator ADP,According to ADP’s latest weekly data, US companies shed 2,500 jobs per week on average in the four weeks to 1 November,That suggests the pace of job cuts slowed at the end of the month – a week ago, ADP reported that US companies shed 11,250 jobs per week on average in the four weeks ending on 25 October,
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How to make risotto alla milanese – recipe | Felicity Cloake's Masterclass

Risotto alla milanese is, like the city it calls home, elegantly simple, but very rich. The saffron that gives the dish its striking colour is rightly expensive (it takes about 150 flowers to produce a mere gram), but you don’t need much and, though it’s often served alongside osso buco, I think it makes a fine meal on its own with a bitter-leaf salad.Prep 5 min Cook 30 min Serves 41 onion 75g butter, or 15g butter plus 60g bone marrow350g risotto rice (carnaroli, arborio, vialone nano)1 litre beef stock, or chicken or vegetable stock75ml dry white wine (see step 4)1 level tsp saffron threads75g finely grated parmesan, or grana padano or a vegetarian alternativePeel and finely chop the onion; the aim is for it almost to disappear into the dish, rather than remaining as distinct chunks, so take your time over doing this (you could substitute two shallots, if you prefer – their sweetness works particularly well with the flavour of the wine and cheese).Melt a generous tablespoon of the butter in a frying pan set over a medium-low heat, then fry the chopped onion until soft, golden and limp, but not coloured.Turn the heat up to medium-high, add the rice and fry, stirring constantly, until the grains are hot and starting to turn translucent around their edges

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2210 By Natty Can Cook, London SE24: ‘Much more than just posh jerk chicken at fancy prices’ – restaurant review | Grace Dent on restaurants

There’s an attention to detail in every dish that makes this place more than fit for a special occasionIt’s 6pm in Herne Hill, south-east London, and I’ve popped out for some Caribbean food wearing fancy athleisure wear. Yoga trousers and a smart hoodie, but PE kit nonetheless. And, once I arrive at 2210 By Natty Can Cook, I realise I am severely underdressed.When chef Nathaniel Mortley announced that he was opening a restaurant that aimed to celebrate Caribbean culture “in style” and to win a Michelin star, his loyal Instagram following, as well as their families and friends, took the brief and dressed accordingly. As fancily plated ackee and saltfish spring rolls passed by, as well as a lot of rum punch, I rustled in my handbag for some bigger earrings and more makeup

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‘Simple, well-crafted and excellent’: supermarket chutneys, tasted and rated | The food filter

Our resident taster dipped, spread and dolloped his way through 10 chutneys in time for Christmas, so you don’t get in a pickle choosing one for yourself The fair price for 14 everyday items, from cleaning spray to olive oilThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Chutney is a heritage recipe that’s been largely unchanged for a century, and some of the best versions are the simplest and most traditional. That said, even when it’s made on an industrial scale, chutney usually features just fruit, sugar, vinegar and perhaps some pectin

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It’s not all about roasting on an open fire – there’s so much more you can do with chestnuts

If I’d ever spared a thought for how chestnuts – the sweet, edible kind, not the combative horsey sort – were harvested, I would probably have conjured rosy-cheeked peasants bent low in ancient forests and filling rough-hewn hessian sacks by hand. Back-breaking labour, sure, but so picturesque!I was delighted, therefore, while on a writing retreat in Umbria last month, to get the opportunity to watch an elderly couple manoeuvre a giant vacuum around their haphazard orchard, followed by their furious sheepdog. The fallen crop was sucked into a giant fan that spat their bristly jackets back out on to the ground, and the nuts then went to be sorted by other family members on a conveyor belt in the barn – the good ones to be sold in the shell, the less perfect specimens swiftly dropped into a bucket for processing.Later in the week, a lorry turned up in the village square to pick up bags from other small local producers, and that evening I roasted a pan of chestnuts on the fire with new appreciation, while loudly bemoaning the disappearance from the streets of London of the chestnut sellers of my childhood (though this makes me sound positively Dickensian, I can confirm that I’m talking about this century. Note also that Nigel Slater is less starry-eyed on the subject

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Benjamina Ebuehi’s recipe for apple, brown butter and oat loaf | The sweet spot

I adore a good loaf cake. There’s something about them that’s just inherently cosy and wholesome, and this one in particular is perfect for the colder months, not least because it’s simple and sturdy in the very best way. It’d be right at home with a coffee for breakfast, as well as gently warmed in a pan with butter and served with hot custard on a rainy evening. A real all-rounder.Prep 5 min Cook 1 hr 25 min Serves 8180g unsalted butter 200g light muscovado sugar 2 large eggs 50g soured cream 210g plain flour ½ tsp cinnamon 40g porridge oats, plus extra to finish1½ tsp baking powder ¼ tsp salt 2 eating apples 2 tbsp demerara sugarHeat the oven to 180C (160C fan)/350F/gas 4 and grease and line a 2lb loaf tin

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Kids have a wobble in the face of rabbit jelly | Brief letters

I sympathise with Tim Dowling and the challenges of releasing blancmange from a rabbit mould (Jelly’s back! Here are three worth making – and three that should wobble off to the bin, 12 November). My mistake was adding chopped pineapple to the jelly mix, with the resulting jelly looking as though we were seeing the undigested contents of a rabbit’s stomach. My children refused to eat it.Dee ReidTwyford, Berkshire Tim Dowling has missed out one important ingredient from his otherwise commendable recipe for blancmange rabbit: the two sultanas you stick on for the eyes.Jane GregoryEmsworth, Hampshire Regarding concerns over Epstein Road in Thamesmead (Letters, 12 November), spare a thought for those unfortunate residents of Savile Row in central London