European markets higher after UK fiscal U-turns
October 18, 2022 | Leadership | No Comments|
European markets are higher as the region feels the impact of the U.K.’s fiscal U-turns on Monday and anticipates new EU measures to tackle energy prices. The Stoxx 600 index is up 0.4%.
Most sectors and major bourses have made gains at 11.00 a.m. London time, with autos leading increases up 2.2%, followed by technology and financial services both at 1.4%.Basic resources, health care and oil and gas have dipped into the red, with losses below 1%.
The British pound rose and bond yields fell after new Finance Minister Jeremy Hunt scrapped most of Prime Minister Liz Truss’ fiscal policies in an announcement Monday. Sterling is down 0.7% to $1.1353 at 11.00 a.m.
Truss apologized for the “mistakes” she made in her first six weeks in the position.U.S. stock futures rose Tuesday morning after the Nasdaq Composite
posted its best daily performance since July. Futures tied to the Dow Jones Industrial Average gained 373 points, or 1.23%. S&P 500 futures jumped 1.46% and Nasdaq 100 futures climbed 1.7%.