Stocks, sterling advance after UK budget U-turn

By Agence France-Presse

Oct 19, 2022 12:19 am

HONG KONG: Equities rose with the sterling on Tuesday after the United Kingdom's government scrapped a controversial debt-funded mini-budget that had roiled markets, while traders were also cheered by a broadly positive start to the current earnings season.

After a volatile few weeks during which the British currency hit a record low, new Chancellor of the Exchequer Jeremy Hunt sought on Monday to reassure investors as he unveiled a new spending package, doing away with tax cuts and warning of much lower spending.

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