Europe opens lower after UK withdraws tax cut

Monday, 03. October 2022 09:03

European stock exchanges opened in the red on Monday after the United Kingdom government confirmed it will not be implementing the controversial tax cut for the highest earners. Traders will monitor manufacturing activity data from the Eurozone, Germany and the UK, all due to be released after the markets start trading.

The DAX contracted by 1.38% at 9:02 am CET. Deutsche Bank dropped 2.97% at 9:04 am CET. London's FTSE 100 was 1.35% down at 9:00 am CET with worst performer Scottish Mortgage Investment Trust down 3.32% at 9:04 am CET. The CAC 40 declined 1.12% at 9:00 am CET. Unibail-Rodamco-Westfield led the losses, failing 2.47% at 9:04 am CET.

The euro was 0.06% lower compared to the dollar, selling at 0.97966 at 8:59 am CET. The British pound increased by 0.16% against the greenback, going for 1.11823 at the same time.

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Author:
Baha Breaking News (BBN) / MS