Breaking: London stock market hits 28-month low

Stocks are falling in London, as traders rush to sell following last night’s hike in US interest rates. It is the worst performance since Sept 2016.

When the markets opened for trading the FTSE 100 shed 119 points (1.6%), which is a new 28-month low of 6646 points.

Over in the US, Wall Street stocks slumped on Wednesday after the Federal Reserve lifted interest rates, sending major indices to fresh 2018 lows, even as the US central bank signaled it expects slower rate increases next year.

More to follow…

Brexit won’t bring ‘festive cheer for Sterling this season’

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