FTSE 100 opens lower as world bank warns of recession.

FTSE 100 opened slightly lower, down 20 points to 7,261. It came as the World Bank warned that central banks could cause a “devastating” global recession if they raise interest rates too high.

Retail sales sank by 1.6% in August, the largest drop this year and far greater than expected, according to data from the ONS. All main sectors, such as food and fuel fell over the month.

Adobe agreed to buy cloud-based designer platform Figma for US$20bn. More than US$30bn was wiped off the company’s American market value.

AstraZeneca received two recommendations for drug approvals in the EU. Beyfortus, which prevents lower respiratory tract disease in infants, and its Evusheld Covid antibody treatment.

Capita is selling its payments business Pay360 Ltd to Access PaySuite in a deal worth £150mln. It also announced an extension to its contract with Barnet
Council for back-office services.

Light Sciences Technologies delivered the first phase of a £13.84mln contract for salad grower Zenith Nurseries. It will receive £51,000 for achieving the milestone.

Roquefort Therapeutics completed the acquisition of Oncogeni for £5.5mln in new shares. Oncogeni focuses on two areas of cancer research: small interfering RN and mesodermal killer cells.