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FTSE 100 Slumps On Trade, Brexit Worries

U.K. stocks slumped on Thursday as trade worries resurfaced and investors fretted about the consequences of a no-deal Brexit.

The European Court of Justice said in a tweet that it would deliver a ruling on Monday on whether the U.K. can cancel Brexit unilaterally by reversing Article 50. MPs are set to vote on whether to pass Prime Minister Theresa May's deal on December 11.

U.S.-China trade anxiety also weighed after the arrest of Huawei CFO for possible extradition to the United States.

The benchmark FTSE was down 137 points or 1.98 percent at 6,784 in opening deals after declining 1.4 percent on Wednesday.

BP Plc lost 2.4 percent, Royal Dutch Shell dropped 2.3 percent and Tullow Oil fell over 4 percent as oil prices dipped ahead of an OPEC meeting expected to result in a supply cut.

Miners Anglo American, Antofagasta and Glencore slumped 3-5 percent amid heightened fears of an economic slowdown.

AstraZeneca dropped 1.4 percent. The drug major announced that it has completed an agreement with Switzerland -based Covis Pharma B.V. to sell its rights to the medicines Alvesco (ciclesonide), Omnaris and Zetonna.

Packaging company DS Smith tumbled 3 percent after unveiling plans to sell its plastics division.

Dialight, a provider of sustainable LED lighting for industrial applications, fell more than 8 percent after warning the delays in raw material supplies adversely impacted November results.

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