Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister.
Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain’s new prime minister.
News that European gas prices were at a four-month low also spurred traders, as the reference Dutch TTF dipped below 100 euros for the first time since June, reaching 98.60 euros per megawatt hour at around 1030 GMT on Monday. “The pound started the week trading higher as many see the new potential PM as a source of some stability, particularly when compared to the chaotic term served by the Truss government which saw massive volatility across markets,” noted XTB chief market analyst Walid Koudmani.
Yields on UK government bonds also dropped following recent surges in the wake of Truss’s disastrous budget that led to her downfall.Meloni’s post-fascist Brothers of Italy scored a historic victory in general elections on September 25. London was up by 0.6 percent in mid-afternoon trading, but the stronger pound and falling oil and gas prices were weighing on the heavyweight energy sector, according to traders.
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