Global markets tumble as commodity prices fall into ‘death spiral’

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Britain’s benchmark index falls into correction territory as US stocks suffer biggest fall since February 2014

The FTSE 100 fell into official correction territory on Thursday, one point shy of January’s year-low hit, after an eighth consecutive day of losses.

Fraught with concerns about slowing growth in China and the after-effects of last week’s devaluation of the yuan, investors fled to the side lines, bringing this week’s losses to 2.5pc. The FTSE 100 closed 35.56 lower at 6,367.89.

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