Europe: Stocks rise, with focus on UK budget drama

EUROPEAN stocks opened higher on Monday (Oct 17), after the UK government unexpectedly announced that it will later unveil some taxation and spending plans to ease markets turmoil over its botched debt-fuelled budget.

London’s benchmark FTSE 100 index gained 0.2 per cent to 6,871.29 points, after the Treasury revealed that some of its fiscal measures will be announced two weeks earlier than originally scheduled.

The British pound advanced against the US dollar on the news, while 30-year UK bond yields fell back.

In the eurozone, Frankfurt’s DAX index was almost flat at 12,440.18 points and the Paris CAC 40 won just 0.1 per cent to 5,936.22, compared with Friday’s close. AFP