Europe: Stocks rally at open
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EUROPEAN equities opened sharply higher on Friday (Oct 14) after stellar gains elsewhere and despite surging US inflation, with London also boosted by reports of another budget U-turn.
The British capital’s benchmark FTSE 100 index jumped 1.0 per cent to 6,918.28 points, as UK finance minister Kwasi Kwarteng flew back one day early from the IMF in Washington to face a budget storm at home.
In the eurozone, Frankfurt’s DAX index leapt 1.1 per cent to 12,489.97 points and the Paris CAC 40 won 1.2 per cent to 5,950.76, compared with the closing levels on Thursday.
The eagerly-awaited US inflation report showed prices rose last month at a faster clip than expected, despite this year’s series of interest rate hikes which have fanned fears of a global recession.
“Markets staged an astonishing rebound despite a hotter-than-expected inflation report in the United States,” said Interactive Investor analyst Richard Hunter.
“The reasons... were not immediately clear, although traders pointed to a technical rebound as investors unwound defensive positions which had been in place ahead of the inflation report.” AFP
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