FTSE 100 retreats from two-week high on slowdown worries - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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UK’s top share index slipped from two-week highs on Wednesday, mirroring sharp losses in Asian equities and Wall Street overnight, as weak US consumer confidence data revived fears about a recession in the world’s largest economy.

FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, BritainFILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain

The UK economy struggles from the risks of recession and soaring inflation, which is nearing a double-digit territory, while the Bank of England is expected to raise interest rates again in August. The index has dropped 1.3% so far this year, but outperformed its global peers due to a large presence of resource-focused companies, which have benefited from a surge in energy and commodity prices.

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