Next British Prime Minister Rishi Sunak delivers the first speech
Rishi Sunak said he was “honoured” and will serve “with integrity and humility” in his first speech since it was announced that he would be the UK’s next prime minister.
Sunak was elected Leader of the Conservative Party by fellow Conservative MPs at 2pm London time. As the party with the most number of MPs after the 2019 general election, it will now be sworn in as the nation’s leader.
“The UK is a great country but there is no doubt that we face a profound economic challenge,” he said. “Now we need stability and unity and I will make it my highest priority to bring our countries together.”
“Because this is the only way we will overcome the challenges we face and build a better and more prosperous future for our children and grandchildren.”
Sterling was flat against the dollar after the comments, and the FTSE 100 remained 0.4% higher.
– Jenny Reed
Sterling is choppy, gold yields low as new British Prime Minister Sunak announces
Rishi Sunak has been named the new Prime Minister of the United Kingdom, after defeating rival Penny Mordaunt in the country’s speed driving race.
Holly Adams | Getty Images News | Getty Images
British fairy was 0.1% higher than dollar 3pm London time, one hour after Rishi Sunak’s announcement He will be the new Prime Minister of the United Kingdom.
It fell 0.2% against the dollar earlier in the afternoon.
UK Treasury yields fell sharply, with the benchmark 10-year yield dropping by 25 basis points and the two-year yield dropping by 26 basis points. Yields move inversely to prices.
The volatility in the UK sovereign bond market, sparked by outgoing Prime Minister Liz Truss’ budget announcement a month ago, has been a The main reason for her resignation By her concert late last week.
Sunak was finance minister under Truss’ predecessor, Boris Johnson, and was widely seen as a market-friendly candidate – although analysts say he would. You are facing a difficult task With the UK facing recession and energy crisis and with many seeing the country Economic credibility also damaged.
“The drop in gold bond yields due to today’s news that Rishi Sunak will become the UK’s next prime minister has reduced the chances of a major fiscal consolidation,” said Ruth Gregory, chief UK economist at Capital Economics. “However, the new prime minister will still have to work hard to restore stability in the eyes of the financial markets.”
– Jenny Reed
Prosus drops 14% on China growth concerns
Pearson Education Group up 8% after ‘outstanding’ growth in English learning
Pearson shares rose 8% Monday after the company reported 7% growth in core sales in the past nine months, beating market expectations.
The educational company said that “outstanding” performance in English language learning helped drive results, with English courses registering a growth of 28%.
Higher education is down 4%, which is in line with the company’s expectations.
– Hannah Ward Glinton
UK 10-year Treasury yield falls as UK prepares for new PM
UK 10-year bond yields are trading at their lowest level Since the mini budgetwhich led to market turmoil on September 23.
This step comes as a former finance minister Rishi Sunak looks ready to become the new prime minister.
The 10-year bond yield was trading down 21 basis points at 3.846% around 9 am London time.
European Markets: Here are the opening calls
European indices are expected to open higher this morning, with the UK’s FTSE up 23 points to 6,992, the German DAX up 130 points to 12846, the French CAC up 50 points to 6,079 and the Italian MIB up 221 points to 21647.
CNBC Pro: Oil can go up or down — and these energy stocks are winners either way, says portfolio manager
And whether oil prices rise or fall, energy stocks are still worth investing in, according to Brian Arkis of Foord Asset Management.
He names two of his favorite energy stocks, including one he says will generate “a significant amount of cash” if oil prices stay high.
– Weezin Tan
Hong Kong stock drivers: Technology drags the broader index down
Chinese tech companies retreated from the broader Hang Seng Index In the morning trade, with heavy weights such as Tencent And the Ali Baba at 6% each.
Mituan 4.87% declines, while JD.com It is also down about 6%.
Hang Seng Tech is down 3.49%, and Hang Seng is last down 2.73%.
– Abigail Ng
Big tech earnings reports coming out this week
A slew of big tech names reported third-quarter earnings this week. Given the size of many of the market capitalization of these companies, any movements after earnings are likely to affect the entire market.
– Carmen Renick
Stock futures rise Sunday evening
Stock futures rose Sunday evening as Wall Street looked to continue its best week since June amid the third-quarter earnings season.
Futures linked to the Dow Jones Industrial Average gained 289 points, or 0.93%, just minutes after futures trading began on Sunday. S&P 500 futures are up 1.18% while Nasdaq 100 futures are up 1.37%.
– Carmen Renick