{"id":844596,"date":"2026-03-23T09:12:16","date_gmt":"2026-03-23T09:12:16","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/844596\/"},"modified":"2026-03-23T09:12:16","modified_gmt":"2026-03-23T09:12:16","slug":"london-plunges-into-correction-territory-as-trump-gives-iran-ultimatum","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/844596\/","title":{"rendered":"London plunges into correction territory as Trump gives Iran ultimatum"},"content":{"rendered":"\n<p class=\"yf-1fy9kyt\">The FTSE 100 (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EFTSE\" data-ylk=\"slk:^FTSE;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;1&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^FTSE&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^FTSE<\/a>) and European stocks plunged into the red on Monday morning after Donald Trump threatened to hit Iran\u2019s electricity grid unless it allows oil tankers to travel safely again along its coastline. The US President has given Tehran until the end of today to reopen the Strait of Hormuz or risk strikes on the country\u2019s power generation facilities.<\/p>\n<p class=\"yf-1fy9kyt\">The ultimatum from comes amid Tehran\u2019s threat to \u201cirreversibly destroy\u201d essential infrastructure across the Middle East in response, meaning the war is entering a new phase of escalation, analysts have warned. Chris Beauchamp, chief analyst at IG, said: \u201cInvestors who have spent the weekend watching fresh strikes in the Middle East are now waiting to see what will happen when Trump\u2019s 48 hour deadline expires tonight. But they are in no mood to hang around, and have continued to sell stocks and precious metals.<\/p>\n<p class=\"yf-1fy9kyt\">&#8220;Each day that the war goes does more damage to the global economy and drives inflation higher, with recession chances rising by the hour.\u201d<\/p>\n<p class=\"yf-1fy9kyt\">The FTSE has now dropped by more than 11% from its record high set on 27 February, just before the war in Iran began, and on Friday it dropped below 10,000 points, meaning it has lost all its gains for 2026.<\/p>\n<p class=\"yf-1fy9kyt\">A fall of 10% or more is classed as a correction.<\/p>\n<p class=\"yf-1fy9kyt\">UK prime minister Sir Keir Starmer is set to hold a Cobra meeting on Monday to address the economic impact of the Iran war, having been warned that price rises are \u201cinescapable\u201d.<\/p>\n<ul class=\"yf-1p2hw41\">\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">London\u2019s benchmark index (<a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EFTSE\" data-ylk=\"slk:^FTSE;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;2&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^FTSE&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^FTSE<\/a>) was 1.6% down in early trade.<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">Germany&#8217;s DAX (<a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EGDAXI\" data-ylk=\"slk:^GDAXI;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;3&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^GDAXI&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^GDAXI<\/a>) dipped 1.8% and the CAC (<a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EFCHI\" data-ylk=\"slk:^FCHI;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;4&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^FCHI&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^FCHI<\/a>) in Paris headed 1.4% into the red<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">The pan-European STOXX 600 (<a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5ESTOXX\" data-ylk=\"slk:^STOXX;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;5&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^STOXX&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^STOXX<\/a>) was 1.6% lower<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">Wall Street is set for a negative start as S&amp;P 500 futures (<a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/ES=F\" data-ylk=\"slk:ES=F;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;6&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;ES=F&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">ES=F<\/a>), Dow futures (<a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/YM=F\" data-ylk=\"slk:YM=F;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;7&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;YM=F&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">YM=F<\/a>) and Nasdaq futures (<a data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/NQ=F\" data-ylk=\"slk:NQ=F;cpos:8;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;8&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;NQ=F&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">NQ=F<\/a>) were all in the green.<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">The pound was 0.2% lower against the US dollar (<a data-i13n=\"cpos:9;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/GBPUSD=X\/?ltr=1\" data-ylk=\"slk:GBPUSD=X;cpos:9;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;9&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;GBPUSD=X&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">GBPUSD=X<\/a>) at 1.3315 as greenback&#8217;s reputation as a safe-haven asset increases<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\">Key companies reporting this week: <a data-i13n=\"cpos:10;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/news\/uk-inflation-byd-next-kingfisher-bellway-finance-week-ahead-140207627.html\" data-ylk=\"slk:UK inflation, BYD, Next, Kingfisher and Bellway;cpos:10;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;10&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;UK inflation, BYD, Next, Kingfisher and Bellway&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link  yahoo-link\" rel=\"nofollow noopener\" target=\"_blank\">UK inflation, BYD, Next, Kingfisher and Bellway<\/a><\/p>\n<\/li>\n<\/ul>\n<p class=\"yf-1fy9kyt\">Follow along for live updates throughout the day:<\/p>\n<p>LIVE 2 updates<\/p>\n<ul class=\"liveblog-list yf-1akp1w0\" data-testid=\"blog-posts\">\n<li class=\"caas-liveblogpost yf-g1zpqf\" id=\"ce4cca54-ec80-48c1-8187-681a84111795\" data-testid=\"blog-post\"> Asia overnight\n<p class=\"yf-1fy9kyt\">Stocks in Asia tumbled overnight as Donald Trump dashed hopes for an early end to the war in Iran with a new ultimatum.<\/p>\n<p class=\"yf-1fy9kyt\">The US president has given Tehran until the end of Monday to reopen the Strait of Hormuz or risk strikes on the country\u2019s power generation facilities. So far, there have been no signs of Tehran backing down.<\/p>\n<p class=\"yf-1fy9kyt\">The Nikkei (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EN225?p=%5EN225\" data-ylk=\"slk:^N225;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;1&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^N225&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^N225<\/a>) slumped 3.5% on the day in Japan, while the Hang Seng (<a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EHSI?p=%5EHSI\" data-ylk=\"slk:^HSI;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;2&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^HSI&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^HSI<\/a>) also feel 3.5% in Hong Kong. The Shanghai Composite (<a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/000001.SS?p=000001.SS\" data-ylk=\"slk:000001.SS;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;3&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;000001.SS&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">000001.SS<\/a>) was 3.6% down by the end of the session.<\/p>\n<p class=\"yf-1fy9kyt\">In South Korea, the Kospi (<a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/%5EKS11\" data-ylk=\"slk:^KS11;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;4&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^KS11&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^KS11<\/a>) added 6.5% on the day.<\/p>\n<p class=\"yf-1fy9kyt\">Across the pond on Friday, Wall Street ended lower, with the S&amp;P 500 (<a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EGSPC\/\" data-ylk=\"slk:^GSPC;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;5&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^GSPC&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^GSPC<\/a>) down 1.5% to close its fourth straight losing week, its longest such streak in a year. The tech-heavy Nasdaq (<a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EIXIC?p=%5EIXIC&amp;.tsrc=fin-srch\" data-ylk=\"slk:^IXIC;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;6&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^IXIC&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^IXIC<\/a>) lost 2% and the Dow Jones (<a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/uk.finance.yahoo.com\/quote\/%5EDJI?p=%5EDJI&amp;.tsrc=fin-srch\" data-ylk=\"slk:^DJI;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;7&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;^DJI&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \" rel=\"nofollow noopener\" target=\"_blank\">^DJI<\/a>) dipped 1% .<\/p>\n<\/li>\n<li class=\"caas-liveblogpost yf-g1zpqf\" id=\"1577554c-0c71-4862-93b6-694d2270dc9c\" data-testid=\"blog-post\"> Coming up\n<p class=\"yf-1fy9kyt\">Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what&#8217;s moving markets, and what&#8217;s happening across the global economy.<\/p>\n<p class=\"yf-1fy9kyt\">In terms of data we have US February Chicago Fed national activity index, January construction spending, Japan first survey of shunto results, Eurozone March consumer confidence. Central bank speakers include the ECB&#8217;s Escriva and Lane speak.<\/p>\n<p class=\"yf-1fy9kyt\">Elsewhere, prime minister Sir Keir Starmer faces the House of Commons\u2019 Liaison committee<\/p>\n<p class=\"yf-1fy9kyt\">Here&#8217;s a quick snapshot of what&#8217;s on the agenda:<\/p>\n<ul class=\"yf-1p2hw41\">\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\"><strong>7am: <\/strong>Trading updates: Salzgitter<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\"><strong>12.30pm<\/strong>: Chicago Fed National Activity Index for February<\/p>\n<\/li>\n<li class=\"yf-1p2hw41\">\n<p class=\"yf-1fy9kyt\"><strong>3pm<\/strong>: EU Consumer Confidence Flash for March<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"yf-1fy9kyt\"><strong>Download the Yahoo Finance app, available for <\/strong><a data-i13n=\"cpos:11;pos:1\" href=\"https:\/\/urldefense.com\/v3\/__https:\/\/itunes.apple.com\/ca\/app\/yahoo-finance\/id328412701?mt=8__;!!Op6eflyXZCqGR5I!AVg4QMW97W_KEkq_DCnHfJNl6iz2IzBcLWet9d6wpaUubuAMsiOFqM_V3835rfF3rrSYwtP3rktCjfTxoXdt4ImuZ-tWmYz84Q$\" rel=\"sponsored nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Apple;cpos:11;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;11&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;Apple&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \"><strong>Apple<\/strong><\/a><strong> and <\/strong><a data-i13n=\"cpos:12;pos:1\" href=\"https:\/\/urldefense.com\/v3\/__https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.finance&amp;hl=en__;!!Op6eflyXZCqGR5I!AVg4QMW97W_KEkq_DCnHfJNl6iz2IzBcLWet9d6wpaUubuAMsiOFqM_V3835rfF3rrSYwtP3rktCjfTxoXdt4ImuZ-sLu2Webg$\" rel=\"sponsored nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Android;cpos:12;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;12&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;Android&quot;,&quot;yHasCommerce&quot;:false}\" class=\"link \"><strong>Android<\/strong><\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"The FTSE 100 (^FTSE) and European stocks plunged into the red on Monday morning after Donald Trump threatened&hellip;\n","protected":false},"author":2,"featured_media":844597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[7757],"tags":[748,241541,32,393,61082,1880,4884,774,83163,257,241540,13954,16,15],"class_list":["post-844596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-london","tag-britain","tag-chris-beauchamp","tag-donald-trump","tag-england","tag-ftse","tag-ftse-100","tag-great-britain","tag-iran","tag-iran-war","tag-london","tag-power-generation-facilities","tag-precious-metals","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116277722938295980","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/844596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=844596"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/844596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/844597"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=844596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=844596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=844596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}