* FTSE 100 down 1.2%, FTSE 250 down 0.8%
* Oil majors, miners among biggest drags
* Flutter Entertainment climbs on M&A news
(Adds milestones, company news items, updates share moves)
By Muvija M
Oct 2 (Reuters) - The FTSE 100 opened lower on Wednesday, on
track for its biggest one-day decline since mid-August, amid
growing concerns over Prime Minister Boris Johnson's "final
Brexit offer", while weak U.S. economic data added to global
growth worries.
The only bright spots on the blue-chip index were
Flutter Entertainment and Tesco.
The FTSE 100 was down 1.2% by 0752 GMT. The index is headed
for its worst day since Aug. 14, when the U.S. Treasury bond
yield curve inverted for the first time since 2007, and raised
fears of a recession.
The more-domestically focussed FTSE 250 fell 0.8%.
The main index, falling for a third consecutive day, is
looking at its sharpest weekly drop since May as the UK market
faces not only worries over growth due to the U.S.-China trade
dispute, but also mounting uncertainties at home over Brexit.
Johnson will present on Wednesday his final Brexit offer to
the European bloc and said that, if Brussels does not engage,
Britain will stop talking and leave on Oct. 31.
Analysts largely expect Brussels to reject the offer,
leaving open options ranging from a no-deal departure to another
delay.
Flutter Entertainment, formerly known as Paddy
Power, jumped 13% to top of the main bourse after agreeing to an
all-share deal with Poker Stars to create one of the world's
biggest online betting and gambling companies.
That lifted shares in its midcap rivals William Hill
and GVC by 3% and 5%, respectively.
Tesco, Britain's No. 1 retailer, rose 2% after
better-than-expected earnings. Shares had opened lower after the
surprise resignation of its Chief Executive Officer Dave Lewis.
"Retail bosses are like football managers, a handful of
names always moving around the top jobs, notching maybe a season
or two of success before inevitably failure catches up with
them. Many fail from the get go ... Tesco just lost Fergie (Alex
Ferguson)," Markets.com analyst Neil Wilson wrote.
(Reporting by Muvija M and Indranil Sarkar in Bengaluru;
Editing by Bernard Orr)
