Pound rockets as UK rips up budget, US stocks gain

Chancellor of the Exchequer Jeremy Hunt axed almost all of the debt-fueled tax cuts unveiled last month by the new government of Prime Minister Liz Truss, reassuring markets that had tanked and pushing the pound to an all-time low against the dollar.

"No government can control markets but every government can give certainty about the sustainability of public finances," Hunt said in a televised address that demolished the maligned budget.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Stocks push higher after UK reversal, S&P rally: markets wrapStocks in Asia rebounded after the S&P 500 closed above a key technical level and the UK reversed more of its unfunded tax cuts, bolstering global market sentiment.
Source: dailymaverick - 🏆 3. / 84 Read more »

MARKET WRAP: JSE firms as UK’s new economic plan boosts investor sentimentUS earnings season is set to gain momentum this week with investors watching for clues on how the Federal Reserve’s aggressive interest-rate hikes have affected company profits
Source: BDliveSA - 🏆 12. / 63 Read more »

Asia stocks up after UK fiscal U-turnInvestor sentiment brightens after new British finance minister changes course
Source: BDliveSA - 🏆 12. / 63 Read more »