IMF warns of hit to global economy from variants; Wall Street falls ahead of tech results – as it happened

• IMF: Failure to help poor countries fight Covid could cost global economy $4.5tn'
• FTSE 100 index falls below 7,000 level
• CBI: UK retail sales strong in July despite staff shortages, online sales flat
• Reckitt Benckiser, squeezed by rising commodity costs, to raise prices
• Games Workshop profits soar during pandemic; Moonpig profits double
• Closing summary

3.20pm BST

Beijing's intensifying crackdown on technology, education and other companies has sent shivers through the global economy and world stock markets lower.

Asian technology stocks slumped, leading to a further 4.2% decline in Hong Hong's Hang Seng after Monday's 4.1% fall - the steepest drop since the Covid-19 pandemic hit global markets in March 2020. Chinese tech giants Tencent lost 9% and Alibaba dropped 6.4%.

Related: Failure to help poor countries fight Covid could cost global economy $4.5tn'

Related: Dettol maker Reckitt Benckiser's sales slow as it warns over prices

Related: FirstGroup chief to step down after pressure from shareholder

Related: Warhammer maker Games Workshop hands staff 5,000 bonus after lockdown sales surge

Related: Moonpig profits double as Covid pushes spending online

3.18pm BST

US consumer confidence improved to the highest level since the start of the pandemic this month, according to the Conference Board indicator, which rose to 129.1 in July from 127.3 in June. It is almost back to the pre-pandemic level of 132.

But the sell-off on global stock markets continues regardless.