LONDON: Europe’s main equity markets advanced at the open on Wednesday as investors shrugged off a tepid Asian performance before a key budget update in Britain.
London’s benchmark FTSE 100 index rose 0.3 percent to 7,501.98 points ahead of UK finance minister Jeremy Hunt’s budget update, which is known as the Autumn Statement.
In the eurozone, the Paris CAC 40 climbed 0.4 percent to 7,257.95 and Frankfurt’s DAX gained 0.3 percent to 15,942.64 points.
“A muted early trading session … as the rumour mill continues to grind about the seasoning Jeremy Hunt plans to sprinkle into the UK economy to try and improve its growth prospects,” said Susannah Streeter, head of money and markets at stockbroker Hargreaves Lansdown.
Prime Minister Rishi Sunak aims to reinvigorate the economy and woo voters, as his Conservatives lag badly in polls behind the main opposition Labour party before next year’s expected election.
European stock markets open on mixed note
There are rising expectations of tax cuts when Chancellor of the Exchequer Hunt delivers the Tories’ latest plans before parliament at 1230 GMT.
“Investors will be highly attuned to what the Chancellor plans as part of that recipe and tax cuts now look set to be a key ingredient, even though they risk turning up the heat on inflation,” added Streeter.
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