Markets rattled and pound slides after US inflation higher than hoped in August – as it happened

Frozen foods for sale at a Dollar Store in Alhambra, Californiam as US shoppers face high prices on everyday goods and services. Photograph: Frederic J Brown/AFP/Getty Images

4.09pm BST

Closing post

With stock markets a sea of red on both sides of the Atlantic, it’s time to wrap up.

Here’s our news story on the disappointing US inflation report:

Today’s UK unemployment reports, showing that wages are failing to keep up with inflation:

The latest on the UK’s cost of living crisis:

…preparations for the Queen’s state funeral:

And in other news:

4.01pm BST

Stocks are sliding further in Europe too, as the spectre of more US interest rate rises looms.

In London, the FTSE 100 now down a hefty 80 points, or 1.1%, at 7391 points – away from the two-week high seen this morning.

Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule:
FTSE 100: -0.92%
France 40: -1.07%
Germany 40: -1.27%
Wall Street: -2.61%
US 500: -2.98%
View the performance of all markets via https://t.co/2NUaqnUPED pic.twitter.com/Cy3lhcKljo

— DailyFX Team Live (@DailyFXTeam) September 13, 2022