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The UK's top share index is facing its worst day since the financial crisis after it fell 8% in early trade, wiping billions off the value of major firms. The drop follows global falls as a row between Russia and Saudi Arabia saw oil prices plunge by more than a fifth. Shares were already reeling from fears of the impact of the coronavirus as cases globally continue to rise. The day has already been dubbed "Black Monday" by analysts who described the market reaction as "utter carnage". The FTSE 100 index fell more than 8% in the first few minutes of trade, before recovering slightly to stand 6% lower. 

Oil prices are down more than 20% with Brent crude trading at $35.98 a barrel.

"It shows a level of nervousness in the market which I haven't seen in a long time," said Justin Urquhart-Stewart, co-founder of Seven Investment Management.

Investors are selling stocks at such a rate because they cannot quantify what Saudi Arabia and Russia might do, he said. The hefty falls were also seen elsewhere in Europe, with stock markets in France and Germany opening 7% lower. Norway - a major oil exporter - saw its main stock exchange fall 12% in early trade. Earlier on Monday, Asian markets had fallen sharply, with Japan's Nikkei 225 index down 5% while Australia's ASX 200 slumped 7.3% - its biggest daily drop since 2008. In China, the benchmark Shanghai Composite fell 3%, while in Hong Kong, the Hang Seng index sank 4.2%. As well as the slump in the oil price, Asian investors also reacted to a steep fall in Chinese exports, and figures showing the Japanese economy shrinking at a faster pace than expected//BBCnews

Two Afghan politicians - who both claim they won the presidential election - have declared themselves president at rival inauguration ceremonies. The electoral commission says incumbent Ashraf Ghani narrowly won September's vote, but Abdullah Abdullah alleges the result is fraudulent. The old rivals both held positions in the previous government. It comes as Afghanistan prepares to enter peace talks with the Taliban, hoping to end years of violence. Experts have warned the current political rivalry will "gravely affect the government's position in the upcoming intra-Afghan talks".

"Unity is the only way [forward] if they want to win on the negotiating table," political analyst Atta Noori told news agency AFP. 

Mr Ghani, who has been president since 2014, held his inauguration ceremony at the Presidential Palace. Mr Abdullah held his at the Sapedar Palace - despite his team earlier saying they would be prepared to cancel it, following the intervention of US Special Envoy Zalmay Khalilzad. Mr Khalilzad is trying to work out a power-sharing arrangement between the two camps, with people on the ground clear-eyed about what two rival administrations would mean for Afghanistan.The political showdown comes days after Mr Abdullah escaped unharmed from an attack claimed by Islamic State militants, which saw at least 32 people killed. It was the first major attack in the capital since the US and Taliban signed a deal in late February, which required the Taliban will hold talks with the Afghan government//BBC news

Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London's FTSE 100 share index fell more than 3% and there were similar declines in other European markets. Earlier on Friday, markets in Asia had seen big falls, with Japan's Nikkei share index dropping by 2.7%. On Thursday, US stock markets recorded steep declines, with all three main indexes down by more than 3%. The 3% drop in the FTSE 100 wipes out the gains seen earlier this week on the index. Shares in travel companies saw some of the steepest falls once again. Cruise operator Carnival fell 5.8% to hit its lowest price since 2012. Other big losers in the sector included EasyJet, Tui and British Airways owner IAG, which each fell more than 4%. Elsewhere in Europe, shares in budget carrier Norwegian fell 26.2% and Air France KLM, which owns the French and Dutch flag carriers, fell 14.6%. Banks were another group that took a hit, as investors anticipate that interest rates might be cut in order to make borrowing cheaper for companies and consumers to keep the economy buoyant. 

"The markets didn't even bother with the pretence of a calm start on Friday, bringing another rough week to a close," said Connor Campbell, analyst at financial spread better Spreadex.

"The week's various central bank rate cuts only served to reinforce the seriousness of the situation." 

Earlier this week, the Federal Reserve, the US's central bank, cut its benchmark interest rate by 0.5 percentage points to a range of 1% to 1.25% in an attempt to ease investor concerns. Government bond prices are rising in the UK as traders seek safer assets. The bond market - which is many times larger than the stock market - includes tradable loans to governments and businesses. Yields - how much investors will recoup in interest from the loans - drop as the price of the loan rises. Benchmark 10-year UK government debt now only offers a 0.26% return - a record low//BBCnews

A cruise ship carrying 3,500 people is waiting off the coast of California while tests for coronavirus are carried out on about 100 of them. One passenger died and at least four others became infected on a previous voyage by the ship, the Grand Princess. Test kits were delivered by military helicopter on Thursday as the vessel sat off San Francisco. The US has now recorded about 200 cases and 12 deaths as the global struggle with the virus continues. More than 92,000 cases have been recorded worldwide, with 80,552 in China, where the virus originated. China also accounts for the vast majority of deaths - 3,042 to date. Stocks in Asia and the UK fell sharply on Friday as investors continued to worry about the broader economic effects of the virus//BBCnews