The FTSE 100 has plummeted, touching its lowest level since 2012, after Donald Trump announced that all travel from Europe to America – excluding from the UK – will be suspended for 30 days.

In one of the most dramatic addresses to the American people in recent history, the president said that starting at midnight on Friday (4am Saturday GMT), for 30 days no foreign nationals can visit the US from Europe. Mr Trump was later forced to clarify that the restrictions would not apply to traded goods.

Global stock markets are plunging, and the oil price has sunk once more. Drops extended after the European Central Bank revealed its coronavirus stimulus plans, promising to offer liquidity support but leaving interest rates unchanged.