Index: Market Correction and Ftse

index: The FTSE 100 the index of UK blue-chip shares closed almost 2% lower after dropping 138.81 points to 7006.93, according to The Guardian. After a closing peak of 7877 in late May, the FTSE has now lost more than 10% of its value the definition of a market correction. On a second day of turbulence, aftershocks from panic-selling on Wall Street rippled through Asian and European bourses as dealers took fright at trade tensions, the prospect of higher inflation and Donald Trump's attempts to put pressure on America's central bank over interest rates. Even steeper falls had been seen in Asia overnight on Wednesday. Better than expected US inflation figures failed to boost sentiment in New York, even though the muted rise in the cost of living eased pressure on the Federal Reserve to raise the cost of borrowing. The Nikkei index in Tokyo lost 4%, while Hong Kong's Hang Seng was down 3.8% and the Shanghai market tumbled 5.2%. Stock markets in Paris, Frankfurt and Milan were all down by more than 1% on Thursday and a broad measure of global equities the FTSE all world index fell to its lowest level since November 2017. (news.financializer.com). As reported in the news.