The U.K.’s new Finance Minister Jeremy Hunt made big fiscal announcements Monday.
House of Commons – PA Images / Contributor / Getty Images
LONDON — 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 0.5%.
Most sectors and major bourses have made gains at 10.00 a.m. London time, with autos leading increases up 2.1%, followed by industrials at 1.43%. 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.
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%.
Shares in the Asia-Pacific traded higher on Tuesday after Wall Street’s rally overnight. Australia’s S&P/ASX 200 gained 1.68% to lead gains in the region, the Nikkei 225 was 1.38% up, while the Topix added 1.11%.
