FTSE 100

The FTSE 100 has dropped 2.5% this afternoon as worse-than-expected US retail sales data darkened investors' moods further this afternoon.

Tesco shares rose as much as 15% today after the retailer announced plans to save £1bn, prompting a wider rally for the troubled supermarket sector.

The FTSE 100 has dropped sharply again this morning as fears over significant falls in the oil price and other macroeconomic issues weighed on stocks.

The FTSE 100 is set to post a loss of around 2.5% for 2014 after falling back sharply yesterday (30 December) following several days of gains.

The FTSE 100 has endured a volatile session as the impact of the falling oil price and Russian currency collapse continue to reverberate around global markets.

Russia has raised its interest rates to 17% to prevent further depreciation of the ruble, which has halved in value against the dollar this year.

The FTSE 100 has fallen a further 1.5% this morning, taking losses for the week to over 5%, as investors continue to fret over a plunging oil price and latest developments in the eurozone.

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Tesco shares have opened 15% lower after the retailer said full-year profits will come in below market expectations.