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European markets higher after UK fiscal U-turns; EU energy announcement

Britain’s new Chancellor of the Exchequer Jeremy Hunt made major fiscal policy announcements on Monday.

House of Commons – PA Images / Contributor / Getty Images

LONDON — European markets are higher as the region feels the impact of Britain’s fiscal policy reversals on Monday and expects new EU measures to tackle energy prices. The Stoxx 600 index is up 0.4%.

Most sectors and major bourses were up by 1[ads1]1am London time, with autos leading up 2.2%, followed by technology and financial services both up 1.4%.

Basic resources, healthcare and oil and gas have sunk into the red, with losses of less than 1%.

The British pound rose and bond yields fell after new Chancellor of the Exchequer Jeremy Hunt scrapped most of Prime Minister Liz Truss’ fiscal policy in an announcement on Monday. Sterling is down 0.7% at $1.1353 at 11am

Truss apologized for the “mistakes” she made in her first six weeks in the post.

US stock futures rose on Tuesday morning after Nasdaq Composite 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 traded higher on Tuesday after Wall Street’s overnight rally. Australia’s S&P/ASX 200 gained 1.68% to lead gains in the region Nikkei 225 was 1.38% up, while the Topix rose 1.11%.

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