The FTSE 100 and European stocks finished lower this Thursday as concerns linger about persistent inflation in Britain and the US.
Across the pond, stocks were lower for a second consecutive day as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.
The UK blue chip index was dragged down mostly by miners as traders fear a recession will halt demand for commodities such as copper.
In the FTSE 250, shares in Dr Martens (DOCS.L) plummeted 29.25% as the business said that unseasonably warm weather last autumn and problems at a warehouse have eaten into its performance in the US.
In Davos, opposition leader Keir Starmer told global financial leaders that the UK “will be open for business” under a future Labour government.
The plan is to promote Labour’s green prosperity plan to decarbonise the economy, boost energy security and ensure Britain leads in future green industries.
Keir, attending the World Economic Forum meeting, said Labour would push to "bring global investors back".
He said foreign investment had declined sharply under the Conservatives.
His predecessor, Jeremy Corbyn, shunned the elite gathering, which he described as a "billionaires' jamboree".
Meanwhile, Brent crude (BZ=F) bounced back and was trading at around $85/barrel.
In Asia, Tokyo’s Nikkei 225 (^N225) closed lower, losing 1.44% to 26,405 points, while the Hang Seng (^HSI) in Hong Kong slipped 0.27% to 21,620. The Shanghai Composite (000001.SS) edged higher, climbing 0.49% to 3,240 points.
Watch: Citigroup's Chua on US CPI