Latest Update News And Technical Analysis Of CAC 40 - 10 October 2022

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EUROPEAN STOCKS HIGHER; POTENTIAL U.K. FISCAL U-TURN BOOSTS SENTIMENT

European stock markets traded sharply higher Friday, continuing the global rebound after the latest U.S. inflation data, while speculation mounted that the U.K. government will abandon its plans for massive unfunded tax cuts.

By 03:50 ET (07:50 GMT), the DAX in Germany traded 1% higher, the CAC 40 in France rose 1%, and U.K.’s FTSE 100 climbed 1%.

U.S. stocks surged to finish more than 2% higher Thursday, reversing sharp falls, equities in Asia have followed suit and European equities continued the positive tone despite another hot U.S. inflation reading.

Investors are clearly pricing in another leap-up in short-term borrowing costs from the Federal Reserve, but the gains in the global stock markets suggest fears that the inflation gains were going to be even more substantial.

Back in Europe, sentiment has been boosted by reports the U.K. government could abandon the 43 billion pounds ($48.6 billion) of unfunded tax cuts included in its so-called “mini-budget” a couple of weeks ago.

This followed the decision of U.K. Finance Minister Kwasi Kwarteng to cut short his trip to Washington and head back to London late Thursday, with the Bank of England set to end its emergency bond purchases later Friday.

In corporate news, TomTom (AS:TOM2) stock fell 6% after the Dutch navigation and digital mapping company released its third-quarter results, while Ashmore (LON:ASHM) stock fell 2.6% after the investment manager saw its assets under management slip by $8 billion in its first quarter, as geopolitical and economic uncertainties led investors to shy away from riskier bets.

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