Share prices on US and European stock exchanges rose Monday as markets reacted to the news that former UK finance minister Rishi Sunak will become this country’s prime minister.
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European equity markets rose despite data that Britain and Germany are headed for recession.
On Wall Street, stock prices rose for the second consecutive trading session, driven not only by signs of normalization of political life in Britain, but also by optimism about corporate profits.
The optimism on the markets was also fueled by the news that European gas prices are at the lowest level in the last four months. The Dutch gas TTF price fell below EUR 100 to EUR 96.50 per megawatt hour for the first time since June.
Analysts from the Energi Danmark group explained the decline in gas prices with moderate weather in Europe and large gas reserves before the winter.
Oil prices fell on fears of an economic downturn.
On Monday the Dow Jones Industrial Average was up 1.3% to 31,499.62, the Standard & Poor’s 500 was up 1.2% to 3,797.34, and the Nasdaq Composite was up 0.9% to 10,952. 61 points.
London’s FTSE 100 was up 0.6% to 7,013.99 on Monday, Frankfurt’s DAX 30 was up 1.6% to 12,931.45 and Paris’s CAC 40 gained 1.6% to 6,131.36 points.
WTI crude oil fell 0.6% to $ 85.05 a barrel in e-commerce on the New York Stock Exchange on Monday. The price of “Brent” crude on the London stock exchange fell by 0.3% to $ 93.26 a barrel.
The euro rose against the US dollar on Monday from $ 0.9863 to $ 0.9876 per euro, the British pound rose from $ 1.1258 to $ 1.1281 per pound, and the US dollar against the Japanese yen rose from 147.65 to 148.95 yen per dollar. The euro rose against the British pound from 87.26 to 87.56 pence per euro.
