Global issues weighed heavy on the FTSE which lost over 4pc

The poor Chinese data proved to be a drag for the mining sector as metal prices dropped and the miners, including Glencore-Xstrata, Anglo American and Rio Tinto, moved downwards.

Back at home, a disappointing retail sales report, which showed sales falling by 1 per cent in February, hurt the supermarkets. Negative sentiment toward the retailers, particularly the supermarkets, was further compounded by a Kantar survey revealing that Waitrose, Aldi and Lidl are still posing a significant threat to the established incumbents, Tesco, Morrison and Sainsbury.

This was very clearly reflected in Morrison’s full year results, which saw the shares drop over 13 per cent in the week.

Other big moves included a sharp drop in G4S shares following results from what had been an “extremely challenging year” for the company. G4S reported a pre-tax loss of £170m and the shares dropped 5 per cent. Asian economic data towards the end of the week continued to disappoint and, with the escalating situation in the Crimean region of Ukraine, sentiment remained depressed.

As a result the FTSE 100 lost over 4 per cent last week and now rests at five-week lows. A quiet week for company news flow this week and attention is likely to remain on the macroeconomic picture which remains bleak when looking East, with Russia and China having dominated the headlines.

Westward, however, things are slightly rosier, with the US and UK economies continuing to make steady progress.