Investors have been fleeing to safe-haven assets after markets suffered their biggest daily declines since the pandemic.

London markets began to fall sharply on Wednesday and there have been jitters on Wall Street over inflation and the possibility of the US and the UK tipping into recession.

The FTSE 100 was down 3 per cent at one point but then mostly recovered, while the US Nasdaq fell 5 per cent from Wednesday to Thursday. Since the beginning of the year, the FTSE 100 index of the largest companies is down 0.9 per cent, while the FTSE 250, which lists the medium-sized businesses, has fallen 16.2 per cent. The Nasdaq, home of high-growth US technology firms, has fallen 28 per cent.

In the UK, investor confidence,

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