Europe opens higher with PMI data in focus

Monday, 24. October 2022 09:03

European stock exchanges opened the trading session on Monday recording modest gains as investors look forward to the release of PMI figures in the European Union, Germany, and the United Kingdom, with the indicators providing insight into business prospects amid recession worries.

Investors expected the election of the Conservative Party's new leader following Britain's prime minister's resignation due to the mini-budget plan that drove the nation's economy into a tailspin. The country's former prime minister, Boris Johnson, pulled out of the Tory leadership over the weekend, while former British Chancellor of the Exchequer Rishi Sunak collected nearly a hundred public voters in his bid for the post.

Frankfurt's DAX surged by 1.07% or 136 points at the opening bell. Sartorius AG pulled the index up by 3.56%. The CAC 40 increased by 0.68%, as Alstom SA surged by 3.32%. London's FTSE 100 jumped by 0.98%, with Land Securities Group Plc rising by 3.12%.

The euro slipped by 0.21% versus the dollar, going for $0.98438 at 8:58 am CET. At the same time, the pound sterling gained 0.41% against the American currency, to change hands to $1.13528.

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