All Asian markets were hit in the same way.
The reason is that traders believe that the US is heading for recession.
The explanation is consistent: the Federal Reserve has left it too late to cut wildly over-inflated interest rates.
And if that is the belief about the US, it is going to doubly so be the belief about the UK, which is looking a lot more vulnerable to the excesses imposed upon it by the Bank of England, which has been out of control throughout the current inflationary period, getting just about every policy decision wrong.
When it’s convenient then markets are forward looking and incorporate knowledge and beliefs about the future.
When it’s inconvenient of course they don’t.
But then that’s Spud, eh?
All this is really about is a bit of recession and also that everyone is jumping off the sinking “AI” ship. So, Apple and Tesla are taking a beating in pre-trade. Korea is taking a beating because of chip manufacturers. US chocolate and regular car companies are barely affected, and nor is UK or Europe.