The UK’s FTSE 100 stock market has experienced its biggest one-day downswing in two months with a 2.02% decline this morning.
Global stock markets have also suffered, with the S&P 500 down 1.23% while the STOXX 50 is down 1.47%.
The market bloodbath hasn’t just been confined to stocks either, as several of the top cryptocurrencies are down by 1% while Brent Oil is down 0.68%.
The dark day for the markets is being attributed to global turmoil that has been reiterated by political and economic instability.
In the final day of the Conservative party conference in the UK, Prime Minister Boris Johnson revealed that the “only alternative” to a Brexit proposal is a no-deal, which has caused fear and uncertainty among the UK market.
The S&P 500 has now moved slightly below the 293.5 level of support, which has held since the breakout on August 30.
Meanwhile, in the realm of digital assets, Bitcoin faced a swift rejection from the 50 EMA on the four-hour chart, subsequently falling by 3% as it languishes above the $7,900 level of support.
Ethereum has also struggled to break above the $182 level of resistance, which indicates that a move to the $160 region is beckoning in the coming days.
One of the worst performers in the past few weeks is Brent Oil, which has lost 16% of its value since September 17 following the drone attacks on two oil facilities in Saudi Arabia.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.