Refinitiv Newscasts - Reuters Today: FTSE 100 climbs ahead of Hunt's fiscal plans

Bel Fuse

17/10/2022 09:42

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Source: Reuters

Description: UK's FTSE 100 rose for a third consecutive session on Monday as
investors awaited fiscal plans from new finance minister Jeremy Hunt after a
dramatic loss of confidence among market players in Prime Minister Liz Truss's
government. Bank of England Governor Andrew Bailey said there was an
"immediate meeting of minds" when he spoke with finance minister Jeremy Hunt
about the need to fix the public finances after the tax cut plans of Hunt's
predecessor unleashed market turmoil. Long-dated British government bonds
rallied and yields fell ahead of Hunt's statement. The U-turn on economic
policy has helped sterling to inch higher against the dollar. Britain's
Vodafone and France's Altice said they would create a joint venture in Germany
named FibreCo to provide faster fibre broadband to up to 7 million homes over
a six-year period.
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