The FTSE 100 (^FTSE) and European stocks extended the previous day's losses as markets opened on Friday, ending a week of bloodletting following president Donald Trump's announcement of a global shakeup in how the US organises trade.

Trump said on Wednesday the US will place effective tariff rates at their highest level in more than 100 years. On Thursday, stocks saw their worst one-day sell off since 2020, wiping out around $2.5trn.

The US president, speaking to reporters aboard Air Force One, said the rollout of his tariffs is "going very well", adding that he is open to "phenomenal" offers from countries to negotiate down the new rates.

On Thursday, the UK government published a list of products it could plan to slap retaliatory tariffs on, in a sign it's potentially prepared to take a tougher stance than it has. The latest US tariffs came out at 10% for UK imports to the US, a better result than the likes of the EU, which is negotiating a 20% increase.

The FTSE 100 (^FTSE) fell 0.9% at the opening bell. It's now on track for a weekly loss of around 2.9%. Top fallers in the index include banking stocks and miners. Standard Chartered (STAN.L), Barclays (BARC.L), Natwest (NWG.L) and HSBC (HSBA.L) were all more than 2.9% lower. Glencore (GLEN.L), Antofagasta (ANTO.L) and Anglo American (AAL.L) also sat around the bottom of the index. Germany's DAX (^GDAXI) lost 0.4%, while the CAC 40 (^FCHI) in Paris dropped 0.7%. The pan-European STOXX 600 (^STOXX) dipped 1.1%.

FTSE Index - Delayed Quote•USD

(^FTSE)

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8,410.15

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(-0.76%)

As of 8:31:22 AM GMT+1. Market Open.  ^FTSE^GDAXI ^FCHI

Advanced ChartLIVE3 updates

20 mins ago

Lucy Harley-McKeown

US stock futures look to extend losses

US stock futures dipped after President Trump's announcement of broad reciprocal tariffs sent markets into a tailspin.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq Composite (NQ=F) fell 0.2%.

CME - Delayed Quote•USD

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5,408.75

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(-0.44%)

As of 3:36:22 AM EDT. Market Open.  ES=FYM=F NQ=F

Advanced Chart 32 mins ago

Lucy Harley-McKeown

Tariff recap

Here's what was announced by the way of higher duties:

12:43 34 mins ago

Lucy Harley-McKeown

Good morning!

Hello from London. There's been chaos in the markets overnight as traders grapple with the potential economic impacts of tariffs.

Otherwise there's not much on the slate today in the way pf economic releases other than UK construction PMI releases and US jobs data.

Let's get to it.

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