Markets reaction: FTSE remains 'massively exposed' and global recession 'almost inevitable'

Largest single-day oil price fall since Gulf War

The FTSE 100 remains "massively exposed" following its dip into bear territory this morning when it plummeted almost 9% due to its exposure to oil and mining companies, with oil prices "very likely to visit the 2016 lows", according to one commentator, while others warn a global recession is now on the cards.

The FTSE 100 opened the week down 8.72%, marking a move into bear market territory and its fourth-biggest one-day decline on record, on the back of the largest single-day fall in oil prices since the 1991 Gulf War after Saudi Arabia started a price war; oil prices fell 30% although Brent Crude subsequently regained some losses to be down 20% at $36 a barrel. Nigel Green, chief executive and founder of the deVere Group, noted that the fact "every major stockmarket is getting hammered as oil prices plunge" is "not an issue that will be resolved overnight" and investors should expect "far-r...