Oil stocks drag FTSE 100 lower on recession fears

The UK's export-centric FTSE 100 slid on Monday, with oil stocks leading losses, as a bout of risk aversion hit global markets on concerns over aggressive rate hikes by major central banks. The index dropped 0.3% by 0705 GMT, trading below 10-week highs hit last week.

The UK's export-centric FTSE 100 slid on Monday, with oil stocks leading losses, as a bout of risk aversion hit global markets on concerns over aggressive rate hikes by major central banks. The index dropped 0.3% by 0705 GMT, trading below 10-week highs hit last week. Oil majors Shell and BP fell 1.1% and 1.3%, respectively, as crude prices slumped more than 2% on worries about the weakening global economic outlook and hit to fuel demand.

The domestically exposed FTSE 250 index slid 0.2% to a two-week low. Cineworld rose 10.1% after slumping almost 60% to a record low on Friday, as the world's second-largest cinema chain operator said it was considering options including a possible bankruptcy filing in the United States as it struggles with near-term liquidity.

Vodafone Plc edged up 0.5% after it said that it would sell its Hungarian business for 715 billion forints ($1.8 billion) in cash.