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Markets in the UK and US have tumbled with analysts attributing the drop to growing fears of a global slowdown.

The FTSE 100 saw its worst day of trading this year, closing 2% lower. In the US, the three main indexes ended between 1.9% and 2.5% lower.

The falls came after figures showed eurozone manufacturing growing at its weakest pace in five years in March.

Combined with the Federal Reserve’s cautious tone on interest rates earlier this week, investors took fright.

On Wednesday, the US central bank said that it did not expect to raise interest rates for the rest of the year amid slower economic growth.