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Britain’s FTSE 100 fell on Thursday after tepid commodity prices sent oil and mining majors tumbling as investors reassessed the impact of the recession on fuel demand in major economies.

The heavily export-heavy index fell 0.6% but fared better than its European peers as a weaker sterling boosted shares of global companies such as Unilever.

Oil majors such as BP and Shell fell about 1% as crude prices continued to slide as investors weighed the impact of interest rate hikes.

London-listed shares of global miners including Anglo American, Rio Tinto and Glencore weakened as copper prices fell to a 16-month low.

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“The fall in metals…it’s about concerns about a slowing global economy,” said Susannah Streeter, senior investment and market analyst, Hargreaves Lansdown.

An S&P Global survey showed the UK economy is showing signs of slowing as rapid inflation hits new orders and businesses report levels of concern that normally signal a recession.

Another round showed the UK government had to borrow a bigger than expected £14bn ($17.14bn) amid rising inflation and debt interest charges.

“The borrowing figures show the impact of inflation, the fact that the UK economy has contracted, so there is less tax revenue. That’s another piece of the puzzle,” Streeter added.

Shares of 888 fell 3% after the online gambling company said it expects half-year revenue to decline.

Trainline fell 9.7% to the bottom of the FTSE mid-cap after the rail operator’s chief financial officer announced plans to step down.

Naked Wines fell nearly 40% after the online wine seller said it intended to trade the business at or around breakeven in 2022 amid growing market uncertainty .

(Reporting by Boleslaw Lasocki in Gdansk; Editing by Shailesh Kuber and Sherry Jacob-Phillips)

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