The Western European stock market rises during trading on Monday.
The composite index of the largest companies in the Stoxx Europe 600 region increased by 0.27% by 11:32 a.m. and amounted to 392.35 points.
The British stock index FTSE 100 by this time increased by 0.33%, the German DAX – by 0.16%, the French CAC 40 – by 0.09%. The Italian FTSE MIB and the Spanish IBEX 35 added 0.15% and 0.95% respectively.
Market participants, among other things, are waiting for statements from the new British Chancellor of the Exchequer, Jeremy Hunt, who is due to address the House of Commons on Monday.
Meanwhile, three members of the British Parliament from the Conservative Party, as well as some leading businessmen, called on British Prime Minister Liz Truss to resign after a series of controversial economic decisions, reports The Financial Times.
Among the decisions that provoked criticism even from party members of Truss, the publication names, among other things, the appointment of Hunt as head of the Ministry of Finance. During the year, four finance ministers were replaced in the UK. His predecessor as finance minister, Kwazi Kwarteng, announced his decision to step down 38 days after his appointment.
In addition, concerns about the state of the global economy against the backdrop of the situation in Ukraine and rising interest rates in the world remain in the spotlight.
Estimates of the likelihood of a recession in the US economy have risen sharply against the backdrop of high inflation and rising interest rates in the US, according to a regular survey by The Wall Street Journal.
Respondents estimated the probability of a recession in the US in the next 12 months at 63% against 49% in July. The indicator exceeded 50% for the first time since July 2020.
MorphoSys AG, a pharmaceutical company, led the way in the Stoxx Europe 600 index components, climbing 8.6%.
The drop leaders were financial services provider Hargreaves Lansdown PLC, which dropped 6%.
Shares of Nokia Corp. grow by 1.6%. The Finnish telecommunications equipment manufacturer has announced that it has been selected by telecom operator Reliance Jio India as one of the largest equipment providers to support 5G networks.
Papers of Credit Suisse Group AG added 0.7%. A Swiss bank has agreed to pay $495 million to settle claims by the US state of New Jersey in connection with transactions relating to its mortgage-backed securities business.
