Stock markets have fallen sharply after signs that the US Federal Reserve could start pulling away emergency support for the world’s biggest economy later this year.
In London, the FTSE 100 was down by more than 160 points – or about 2% – in early trading following the publication of minutes of the Fed’s latest policy meeting.
Stock markets in Germany, France and Italy were also in the red while oil prices continued their six-day losing streak, with a barrel of Brent crude dipping below $67 a barrel.
Markets are digesting the possibility that, even as the worldwide spread of the Delta variant continues to cause alarm, the Fed is preparing to ease off its $120bn monthly programme of bond purchases.
It adds to a cocktail of worries this week which also include signs of weakness in the Chinese economy and the turmoil in Afghanistan.
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Minutes of the Fed’s meeting last month showed officials felt that a threshold for the US jobs recovery that may mean starting to withdraw support “could be reached this year”.
However, consensus on a start date and pace of the withdrawal remains elusive while the Fed also reiterated the view that “the risks that rising COVID-19 cases associated with the spread of the Delta variant could cause delays in returning to work and school, and so damp the economic recovery”.
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The release of the minutes prompted a shares fall on Wall Street before the anxious sentiment spread to Asian markets and then Europe.
Vast stimulus packages from the Fed and other central banks have underpinned a recovery in stocks from the sharp sell-off seen in the early stages of the pandemic.
But as vaccines help many countries to emerge from tough lockdowns and inflation surges back, there is growing pressure on officials to start to pull back or “taper” the support.
In London it was volatile mining stocks such as Anglo American and Antofagasta – whose fortunes are closely linked to swings in global demand for the commodities that they dig up – that led the fallers.
Declines for oil giants BP and Royal Dutch Shell and banking heavyweight HSBC also dragged on the FTSE 100.
Richard Hunter, head of markets at Interactive Investor, said: “Markets took another glancing blow as the Federal Reserve minutes revealed that tapering is edging ever nearer.
“While no date has yet been confirmed, there is an increasing split within its members and it appears increasingly likely that the taper will begin before the end of the year.
“Alongside some mixed retailer results, the unrest in Afghanistan and an apparently weakening Chinese economy, this has been a week to test the mettle of investors.”
Donald Trump ally Matt Gaetz has withdrawn his name from consideration to be the next US attorney general.
Mr Gaetz, a controversial pick to be the country’s top legal official, said his selection was “unfairly becoming a distraction” to the transition of Mr Trump’s administration into the White House.
The Florida Republican had faced significant scrutiny over a federal investigation into sex trafficking allegations involving a 17-year-old girl.
He said in a post on the X social media platform: “There is no time to waste on a needlessly protracted Washington scuffle, thus I’ll be withdrawing my name from consideration to serve as attorney general. Trump’s DOJ (Department of Justice) must be in place and ready on Day 1.
“I remain fully committed to seeing that Donald Trump is the most successful president in history. I will forever be honoured that President Trump nominated me to lead the Department of Justice and I’m certain he will Save America.”
Mr Trump said in a post on his own social media site, Truth Social, that Mr Gaetz had a “wonderful future”.
“I greatly appreciate the recent efforts of Matt Gaetz in seeking approval to be Attorney General,” he wrote.
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“He was doing very well but, at the same time, did not want to be a distraction for the administration, for which he has much respect.”
Mr Gaetz previously faced a nearly three-year Justice Department investigation into sex trafficking allegations involving a 17-year-old girl, which ended in February 2023 without him facing any criminal charges.
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He has always denied the allegations.
He has also been under scrutiny by the House Ethics Committee over wider allegations including sexual misconduct, illicit drug use and accepting improper gifts.
The inquiry was dropped on Wednesday 13 November when Mr Gaetz left Congress – the only forum where the committee has jurisdiction.
The Senate ethics committee is deadlocked on whether their report can be released.
Mr Gaetz’s withdrawal is a blow to Mr Trump’s push to install steadfast loyalists in his incoming administration and the first sign that he could face resistance from members of his own party.
A 43-year-old man was shot dead by police after calling 911 to report intruders had entered his home in Las Vegas.
Brandon Durham was at home with his 15-year-old daughter when he called the emergency line to report armed intruders were trying to break into his property on 12 November.
Bodycam footage shows Mr Durham struggling with a person over a knife in the moments before he was shot and killed at the scene.
“The loss of life in any type of incident like this is always tragic, and it’s something we take very seriously,” Las Vegas Metropolitan Police Assistant Sheriff Dori Koren said on Thursday.
The force is investigating the incident.
Mr Durham called 911 to report multiple people were outside shooting at his residence in Las Vegas’ Sunset Park neighbourhood, where he had been staying with his 15-year-old daughter, Sky News’ US partner network NBC reports.
It was one of multiple emergency calls reporting a shooting in the area.
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Mr Durham then said someone had managed to get into his home through the front and back doors of the property and he was locking himself in the bathroom, according to a police statement from 14 November, two days after the incident.
Officers reported to the scene at approximately 12:40am and could hear screaming from inside the residence.
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One of the officers, Alexander Bookman, kicked open the front door and once inside, saw Mr Durham and another individual, later identified as 31-year-old Alejandra Boudreaux, struggling over a knife in a doorway.
Mr Bookman ordered them to drop the knife and about two seconds later, the officer fired the gun and Mr Durham appeared to be struck, the bodycam footage shows.
Both Mr Durham and Mr Boudreaux fell to the ground and the officer fired another five shots. Roughly three seconds are believed to have gone by between the first and last shot, NBC reports.
Attempts were made to save the 43-year-old but he died at the scene.
Ms Boudreaux was taken into custody and is facing charges of home invasion with a deadly weapon; assault with a deadly weapon domestic violence; willful or wanton disregard of safety of persons resulting in death; and child abuse, neglect or endangerment.
A homeless man has been arrested and charged over a plot to bomb the New York Stock Exchange.
The 30-year-old man from Florida, Harun Abdul-Malik Yener, was arrested on Wednesday and charged with attempting to use an explosive device to damage or destroy a building used in interstate commerce, having unveiled some of his plans to undercover agents, according to the FBI.
They began investigating Yener in February based on a tip that he was holding “bomb-making schematics” in a storage unit.
Bomb-making sketches, many watches with timers, electronic circuit boards and other electronics that could be used for building explosive devices were found, the FBI said.
It also said he told undercover FBI agents that he wanted to detonate the bomb the week before Thanksgiving and that the stock exchange in lower Manhattan would be a popular site to target, and that doing so “will wake people up”.
An agent also allegedly recorded him saying: “I feel like Bin Laden.”
He described how he hoped the bomb would “reboot” the US government, explaining that it would be “like a small nuke went off,” killing everyone inside the building, according to court documents.
The documents also claim he had rewired two-way radios so that they could work as remote triggers for an explosive device and planned to wear a disguise when planting the explosives.
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Yener, who had also searched online for things related to bomb-making since 2017, was sacked from his job at a restaurant in Florida last year after his former supervisor said he threatened to “go Parkland shooter in this place”, the FBI added.
He had his first court appearance Wednesday afternoon and will be detained while he awaits a trial.