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Europe’s biggest defense contractor BAE Systems warned on Thursday it expected earnings this year to drop by up to 10 percent as a result of U.S. spending cuts, with conditions still difficult, despite a recent budget deal in Congress. The British group, which had announced on Wednesday that it had finally agreed on a price increase on its sale of Eurofighter Typhoon jets to Saudi Arabia, saw its shares suffer their biggest one-day percentage fall since October 2008.

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