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European shares rally as investors cheer UK policy reversal
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Britain’s political and market turmoil
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Time for talks is over, French minister says as petrol crisis drags on
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Oil steady as positive Chinese signals counter recession fears
Analysis-Despite tax U-turn, UK’s Hunt still faces tough budget choices
Date: October 17, 2022
By William Schomberg LONDON (Reuters) – The screeching about-turn on tax cuts by finance minister Jeremy Hunt on Monday will not spare Britain from painful spending cuts and new tax hikes to fix the country’s public finances. Hunt stripped Prime Minister Liz Truss’s economic plans of all but a few of her tax-cutting promises as...
Wall Street rallies, dollar dips on solid earnings, UK policy U-turn
Date: October 17, 2022
By Stephen Culp NEW YORK (Reuters) – U.S. stocks surged on Monday, following the example of their overseas counterparts as strong earnings and a policy reversal from Britain’s new finance minister stoked investor risk appetite. All three major U.S. stock indexes surged through the starting gate with sharp gains, while Treasury yields eased and the...
Dollar dips as UK budget U-turn improves market sentiment
Date: October 17, 2022
By Karen Brettell NEW YORK (Reuters) – The dollar dipped against a basket of major currencies and sterling jumped on Monday after Britain’s new finance minister ditched most of the government’s “mini-budget,” sparking a rally in U.K. and U.S. government bonds and reducing demand for the safe-haven U.S. currency. Jeremy Hunt, who was appointed finance...
German Jan-Aug gas import costs surge 189% despite 26% drop in ; imports
Date: October 17, 2022
FRANKFURT (Reuters) – German natural gas import costs leapt 189% in the first eight months of 2022 from a year earlier, even though imports were down by 26.1%, official monthly data showed on Monday. The August statistics from Germany’s foreign trade office BAFA are the sixth to reflect the impact of Russia’s invasion of Ukraine,...
UK consumer industries warn curbing energy support will hit demand
Date: October 17, 2022
LONDON (Reuters) – The mood among Britain’s beleaguered retail and hospitality industries darkened on Monday on fears new finance minister Jeremy Hunt’s move to rein in a vast energy subsidy plan and reverse planned tax cuts would further dent demand. A two-year energy support scheme for households and businesses, expected to cost more than 100...
BlackRock creates Transition Capital unit to tap climate opportunities -memo
Date: October 17, 2022
By Simon Jessop LONDON (Reuters) – BlackRock, the world’s biggest asset manager, has set up a unit called Transition Capital to invest in opportunities linked to the global shift to a low-carbon economy, a memo to staff seen by Reuters showed. BlackRock, which manages around $8 trillion in assets, said Transition Capital would work with...