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

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

ExxonMobil to shut chemicals plant in Fife with loss of up to 450 jobs

ExxonMobil is to close a chemicals plant in Scotland that employs hundreds of workers within months, blaming the decision on the UK government’s “economic and policy environment”.Workers at Fife Ethylene Plant were told on Tuesday that the oil company would shut the 40-year-old facility near Cowdenbeath by February next year owing to the difficult policy and market conditions in the UK.About 200 workers and 250 contractors were told that talks between the company and Westminster had failed to secure a lifeline for the plant because it lacked a “competitive future”.In a statement, Exxon said it had “tested the market” for a potential buyer, but said the UK’s “current economic and policy environment combined with market conditions, high supply costs and plant efficiency” meant it had been unable to secure the site’s future.The company also accused the government of creating a policy environment that was “accelerating the exit of vital industries, domestic manufacturing and the high-value jobs they provide”

Crest Nicholson plans job cuts and warns on profits, blaming budget uncertainty

The housebuilder Crest Nicholson has warned of job cuts and worse than expected profits after a summer of “subdued” sales amid uncertainty around the possible property taxes in the budget.The Surrey-based company said it planned to close one divisional office and cut 50 roles, including staff at that site and “selective other roles” across the business.Crest said its adjusted profit before tax for the year to 31 October would be at the low end or slightly below the previous estimated range of £28m to £38m, “reflecting a housing market that has remained subdued through the summer, and the continued uncertainty surrounding government tax policy ahead of the forthcoming budget” on 26 November.It cautioned that near-term market conditions were likely to remain challenging.Anthony Codling, a housing analyst at RBC Capital Markets, said budget uncertainty had “wiped out the autumn selling season, a critical period for Crest with an October year-end”

Eight firms under investigation in crackdown on additional online fees

Britain’s competition watchdog has begun investigations into eight companies about their online pricing practices, expressing concern over additional fees and sales tactics such as “drip pricing” and “pressure selling”.The Competition and Markets Authority (CMA) said it was looking into the ticket sellers StubHub and Viagogo; AA Driving School and BSM Driving School; the US gym chain Gold’s Gym; and the retailers Wayfair, Appliances Direct and Marks Electrical.The investigations are the first launched by the CMA using its new consumer protection powers. The watchdog said it had concerns over practices including drip pricing – when consumers are shown an initial price and then face additional fees in the checkout process – and the use of misleading countdown timers, which are banned under the new regime.The investigations follow a cross-economy review by the CMA since April of more than 400 businesses in 19 sectors to assess their compliance with price transparency rules

Lawyers for Fed governor accuse Trump administration of ‘cherry-picking’ facts in fraud case

Lawyers for Lisa Cook, the Federal Reserve governor, called Trump administration allegations of mortgage fraud against her “baseless” on Monday and accused the administration of “cherry-picking” discrepancies to bolster their claims.After accusing Cook of misrepresenting multiple residences as her primary residence to get a better mortgage rate, Donald Trump briefly fired Cook from her role as a Fed governor and as one of 12 voting members of the Federal Reserve board that sets interest rates. The supreme court reinstated her and will in January hear arguments over Cook’s removal.In the letter, addressed to Pam Bondi, the US attorney general, and Edward Martin, the deputy attorney general, Abbe Lowell, Cook’s lawyer, outlined for the first time Cook’s detailed defense against the accusations. Lowell said that the dispute involves three of Cook’s properties: a home in Ann Arbor, Michigan, a condo in Atlanta, Georgia, and a home in Cambridge, Massachusetts

Japan and Switzerland’s economies contract as US tariffs hit exports; Alphabet shares jump after Warren Buffett reveals stake – as it happened

Time to recap.Japan and Switzerland have both suffered an economic hit from Donald Trump’s trade wars.Japan’s GDP shrank by 0.4% in July-September, dragged down by a fall in exports.In a double-blow to Tokyo, shares in Japanese tourism and retail firms have fallen sharply after China warned its citizens not to travel to Japan