IMF warns of share price bubble as stocks slide before Fed decision - as it happened

• Fed set to stick to ultra-loose policy stance; Facebook, Apple, Tesla earnings also in focus
• GameStop shares soar after Elon Musk tweet
• AstraZeneca CEO explains vaccine production glitches'
• Pandemic could delay Hinkley Point by six months
• Closing summary

3.16pm GMT

The sell-off in global stocks has gathered pace as worries over extended Covid-19 restrictions and the vaccine rollout resurfaced. Oil prices are falling, reversing earlier gains.

Related: Keep Covid rescue programmes or risk triggering stock market crash, warns IMF

Related: AstraZeneca denies pulling out of talks as EU Covid vaccine row deepens

Related: Why the EU and AstraZeneca are stuck in a Covid vaccines row

Related: Boeing 737 Max cleared to fly again by EU regulator

Related: Goldman Sachs cuts pay of chief executive David Solomon by $10m

Related: Hinkley Point C costs may rise by 500m on back of Covid crisis

2.46pm GMT

On Wall Street, stocks are falling, mirroring declines in Europe. The Nasdaq has lost 2%, and the Dow Jones and S&P 500 have fallen 1%. The FTSE 100 in London has also declined 2%.