European markets rise after UK financial U-turns; EU Energy Declaration

The UK’s new finance minister, Jeremy Hunt, made big financial announcements on Monday.

House of Commons – PA Images / Contributor / Getty Images

LONDON – European markets were higher on Monday as the region felt the impact of UK fiscal U-turns and looked ahead to new EU measures to tackle energy prices. The Stoxx 600 index rose 0.4%.

Most sectors and major stocks were the gainers at 11.00am London time, with autos up 2.2% and technology and financial services both up 1.4%.

Basic resources, health care and oil and gas fell in the red with losses of less than 1%.

The British pound rose and bonds fell after new finance minister Jeremy Hunt Prime Minister Liz Truss scrapped most of her fiscal policies In an announcement on Monday. Sterling was down 0.7% at $1.1353 at 11.00am

Truss apologized for “mistakes” he had made in his first six weeks in office.

U.S. stock futures rose Tuesday morning Nasdaq Composite It posted its best daily performance since July. Futures linked to the Dow Jones industrial average gained 373 points, or 1.23%. S&P 500 futures rose 1.46% and Nasdaq 100 futures rose 1.7%.

Asia-Pacific shares Tuesday traded higher after Wall Street’s overnight rally. of Australia S&P/ASX 200 It was the leading gainer in the region by gaining 1.68% Nikki 225 Up 1.38%, Topix added 1.11%.

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