London’s FTSE 100 has tumbled as jitters about soaring tech valuations sparked a sell-off across global stock markets and reports of an autumn Budget U-turn spooked UK investors.

The index was losing around 140 points, or about 1.4%, on Friday morning.

Nearly all stocks prices were losing ground, with banks NatWest , Lloyds and Barclays among the biggest fallers.

It marks a sharp drop for the index which had enjoyed a rally earlier in the week and appeared to be edging closer to the record 10,000-point mark.

European markets were also in the red, with Germany’s Dax index down about 0.8%, and France’s Cac 40 falling 0.9%.

Dan Coatsworth, head of markets at AJ Bell, said: “Wall Street gloom has spread across European and Asian markets like a contagious disease.

“Markets are down ac

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