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FTSE 100 Extends Losses On Recession Fears

U.K. stocks tumbled on Friday to extend losses from the previous session amid concerns about a potential global recession.

A survey released earlier today showed that the downturn in British businesses deepened this month because of soaring costs and faltering demand.

The S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August.

The focus remained on so-called "mini-Budget" being presented by new finance minister Kwasi Kwarteng in the parliament.

He is expected to provide more details about his plans to support the country's economy through what is likely to be a difficult winter.

The benchmark FTSE 100 was down 91 points, or 1.3 percent, at 7,068 after closing 1.1 percent lower on Thursday.

easyJet dropped half a percent. The low-cost airline said that it expects a rise in earnings from easyJet holidays business for 2022, in view of a rise in customer demand.

AstraZeneca fell about 1 percent. The drug maker announced Ultomiris has been approved in Europe as an add-on to standard therapy for the treatment of adult patients with generalized myasthenia gravis who are anti-acetylcholine receptor antibody positive.

Smiths Group surged 4.8 percent. The engineering business firm posted a decline in pre-tax earnings for the fiscal 2022, though revenue improved from last year.

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