Oil stocks drag FTSE 100 lower on recession fears

Oil stocks drag FTSE 100 lower on recession fears

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* FTSE 100 down 0.3%, FTSE 250 off 0.2%

Aug 22 (Reuters) - 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 .FTSE dropped 0.3% by 0705 GMT, trading below 10-week highs hit last week. Oil majors Shell SHEL.L and BP BP.L 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 .FTMC slid 0.2% to a two-week low.

Cineworld CINE.L 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 VOD.L edged up 0.5% after it said that it would sell its Hungarian business for 715 billion forints ($1.8 billion) in cash.
Reporting by Johann M Cherian and Sruthi Shankar in Bengaluru; Editing by Anil D'Silva