European Markets Open Lower As UK Political Chaos Continues

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Last Updated on October 21, 2022 by Bitfinsider

As a result of the continued political upheaval in the United Kingdom following the resignation of Prime Minister Liz Truss, European markets opened in the red on Friday. A competition for the position of leader will now take place over the course of the following week.

Germany recently gave the go-ahead for discussions regarding a price cap, and in the meantime, EU leaders are meeting in Brussels to continue debating the best way to address the energy crisis that has befallen the union.

The Stoxx 600 opened in the red by 0.4%, and all major sectors and bourses began trading in the red as well. The decline in retail was the largest, at 1.6%, followed by a fall in household goods and fundamental resources.

Futures on U.S. equities are trading lower following a volatile day on Wall Street, which was marked by an increase in bond yields and a slew of diverse corporate earnings reports. The futures prices for the S&P, the Dow Jones Industrial Average, and the Nasdaq 100 all went down.

As investors considered inflation data from a variety of economies on Friday, share prices throughout Asia and the Pacific generally traded lower.

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