As it happened: Stocks tumble after Apple rattles global markets; UK food exports hit by US tariffs

Welcome again to the Metropolis AM liveblog.

Markets are digesting recent inflationary fears pushed by Apple’s value hike in addition to renewed threats over the protection of the Strait of Hormuz this morning after a projectile struck a vessel off the coast of Oman.

Asian fairness markets took a tumble in a single day as value will increase introduced by Apple on account of reminiscence chip shortages triggered fears of excessive inflation globally, in addition to introduced into query the incomes projections of assorted corporations that depend on these refined chips for his or her merchandise.

In the meantime, the US confirmed late on Thursday that Iran’s Revolutionary Guards had attacked a Singapore-flagged industrial vessel with a drone. No casualties or environmental impacts have been reported however the ship’s bridge was broken after the strike, in accordance with an advisory from the UK Martime Commerce Operations Centre.

Industrial ships have been additionally turning again amidst considerations round safety in a serious blow to US-Iran peace hopes.

The US and the regime in Tehran are nonetheless locked in negotiations for a everlasting settlement to finish the battle, however talks on the thornier points equivalent to nuclear coverage are anticipated to stay extended.

Nonetheless, the oil market is being handed some reprieve with flows from the Persian Gulf by means of Hormuz racing to their quickest tempo because the struggle started. Brent crude – the worldwide benchmark for oil costs – has additionally fell again to its pre-war ranges at $74. Additionally it is on observe for its third consecutive weekly drop.

We’ll be bringing you the newest market updates and evaluation.

Right here’s a couple of of our high tales this morning