European Markets Open Higher With Stoxx Up 1.3%; UK Leadership Contest Nears Deadline

October 24, 2022

European markets opened higher Monday, with U.K. politics expected to settle as the ruling Conservative Party picks a new prime minister following the resignation of Liz Truss last week.

French President Emmanuel Macron and Italy’s new Prime Minister Giorgia Meloni held informal talks Sunday in their first meeting together, while Germany is still contemplating its gas price strategy.

The Stoxx 600 was up 1.3% in early deals. All sectors and major bourses opened higher, with chemicals leading gains with a rise of 1.6%. Food and beverages and health care were both up more than 1.2%.

In the U.S., stock futures were little changed Monday morning after all three major averages notched their best week since June at Friday’s close.

Shares in the Asia-Pacific were mixed Monday, but Hong Kong’s Hang Seng index plunged about 6%, with the Hang Seng Tech index down more than 8%.

Source: CNBC
Image source: Pixabay

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