The FTSE 100 fell 200 points at the open as markets react to the start of US reciprocal tariffs, including a 104% on China, which is also seeing a selloff in government bonds, sending yields higher. About an hour into trading, the blue-chip index had reversed some of its losses and was 150 points, or 1.9% down at 7,760.
AstraZeneca, the largest company on the index, and GSK are down sharply after Donald Trump said he would soon announce a "major tariff on pharmaceuticals".
Tech investors Polar Capital Technology Trust and Scottish Mortgage Investment Trust also under pressure this morning.
Only four Footsie stocks are in the green at this point in the morning, including the index's pair of precious metals miners Endeavour Mining and Fresnillo. The other two are BAE Systems and Airtel Africa.
In company news, Assura Group has rejected the cash and shares bid that sector peer Primary Health Properties made last week.
The board of the healthcare property investor said the possible offer had been considered carefully with its advisers and they concluded it is insufficient w to be recommended to shareholders.
