Long-term UK borrowing costs at 28-year high as rising oil prices trigger global bond rout – business live

The FTSE 100 index is down just over 1%, driven by sharp falls in mining and manufacturing shares.

Endeavour Mining is leading the index lower, down 8%, while fellow miners Fresnillo and Antofagasta have also fallen sharply.

A post-UK Bank Holiday hangover looked inevitable for the FTSE 100 given the losses chalked up across Europe, Asia and the US since the end of last week,” says

Government bond yields have renewed their surge as oil prices move back above $90 per barrel, bringing concerns about inflationary pressures back to the fore.