Saturday, December 10

FTSE 100 climbs ahead of Hunt’s fiscal plans

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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.

The blue-chip FTSE 100 index gained 0.3% by 0714 GMT, while the domestically focussed FTSE 250 index climbed 0.7%.

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The pound jumped 1% against the dollar as investors waited for Hunt’s announcement, which comes two weeks ahead of schedule and is expected to include plans to raise taxes and spend lesser than previously planned.

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UK stocks ended higher on Friday as Truss signaled a U-turn in part of the government’s large unfunded tax cuts that had oiled financial markets, and replaced Kwasi Kwarteng with Hunt.

Among single stocks, Hargreaves Lansdown fell 2.6% after the investment platform said Chief Executive Officer Chris Hill would step down, a day after the company was hit by a multi-million pound lawsuit.

ITV gained 5.8% after the Financial Times reported the commercial broadcaster was reviewing the future of its production arm ITV studios, including whether to sell a stake.

ASOS fell 6.9% after the online fashion retailer said it was in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility. (Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)