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The FTSE 100 during Monday afternoon lost all of its morning gains to trade 0.8% lower at 7,284. European markets fared even worse with losses of between 1.6% and 1.8% across the main stock indices in Germany, France and Spain.
US equities also traded lower with the Dow Jones falling 0.5% and the Nasdaq dropping 1.3%.
At the centre of the storm was US President Donald Trump whose actions angered various parts of the world. He has reimposed tariffs on steel and aluminium imports from Brazil and Argentina. He also criticised the US Federal Reserve's interest rate policy decisions.
UK markets managed to escape the brunt of the market sell-off thanks to better than expected manufacturing data.
LARGE AND MID CAP RISERS AND FALLERS
Fashion retailer Ted Baker sank 8% to 366.6p on revealing that it had overstated the value of its inventory, to the tune of £20m-to-£25m based on a preliminary analysis.
Online retailer Ocado dropped 7% to £12.32 as it launched a £500m convertible bond offering to fund developments in its technology business, Ocado Solutions, and for general corporate purposes.
Mining company Fresnillo reversed 1.4% to 569.4p as it narrowed its full-year guidance for production in 2019 to the bottom end of its previous range. It also touted improved silver but lowered gold output over the next three years.
Insurer Hiscox fell 1.3% to £13.46 despite the absence of news, after investors bet the company would lose its place in the FTSE 100 in this week's reshuffle.
The company warned it may take two or three years to return to profitability after it was hit by costs from claims related to recent wildfires in California and Hurricane Dorian.
Book publisher Bloomsbury Publishing gained 4% to 280p on news that it entered the domestic Chinese market by forming a joint venture with state-owned group China Youth Publishing.
Media company Future fell 1.8% to £12.98 after it completed the £23.5m acquisition of production group Barcroft Studios.
St. Modwen Properties shed 2% to 449p as it completed the sale of its interests in a student accommodation building at Swansea University for £38m.
SMALL CAP RISERS AND FALLERS
Telecom company software provider Pelatro gained 41% to 56.5p despite having warned that it expected to fall short of its revenue expectations for the full year, due to the timing of contract wins.
Fuel cell developer Proton Power Systems added 8.9% to 22.9p on winning a contract to provide its technology to shipbuilding group Fincantieri.
Disease and allergy test kit supplier Omega Diagnostics rose 4% to 10.4p, even as it swung to a first-half loss after it sold its legacy infectious disease division and closed its German and Indian manufacturing facilities.