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European shares slid 1.2% on Friday as recession warnings from two major global financial institutions and bets of a large interest rate hike from the US Federal Reserve next week knocked down sentiment.

The declines put the continent-wide STOXX 600 on track for a weekly drop of 2.4%.

All major sectoral indexes were lower as of 0809 GMT, with rate-sensitive tech stocks the top drag, down 1.7%.

Post and logistics firms tumbled after US peer FedEx Corp on Thursday withdrew its financial forecast, warning of a global demand slowdown. Shares of Deutsche Post, Kuehne & Nagel, DSV Panalpina and Royal Mail Plc slumped between 2.9% and 12.0%.

European shares extend declines driven by policy tightening fears

The World Bank said late on Thursday that the global economy might be inching toward a recession as central banks aggressively tackle sticky inflation, while the International Monetary Fund said it expected a slowdown in the third quarter.

“(The World Bank) highlighted that because the new tightening polices are synchronised across a number of countries, the effects of these interest rates could be compounded and magnified, leading to a steeper-than-expected slowdown in global growth,” Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, wrote in a note.

Ailing German gas importer Uniper SE tumbled 14.6% to the bottom of the STOXX 600, as it struggled to keep up with costs after the sudden stoppage of a major natural gas pipeline by Russia earlier in the month.

The STOXX 600 has shed a little over 1% so far this month, heading for its second straight monthly decline, as investors fret over soaring prices and an energy and cost of living crisis in the region.

UK’s FTSE 100 index fell 0.2% after data showed retail sales fell much more than expected in August, in another sign that the British economy is sliding into recession.

But the exporter-heavy index fell the least across Europe as the pound weakened.

In a rare positive spot, shares of London-listed South African lender Investec rose 2.2% after Berenberg started its coverage on the stock with a “buy” rating.

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