UK stocks climbed, with domestically focussed FTSE 250 index hitting a session high, after media reports said Boris Johnson will announce his resignation as British Prime Minister on Thursday.
The currency hit two-year lows versus the dollar on Wednesday after the resignation of top ministers that had left the government dangerously close to paralysis."It's the case of buy the rumour, sell the fact," said David Madden, market analyst at Equiti Capital.
"The pound has fallen so much because of the rumblings of a resignation. I think markets have already priced in a change of government, and that should pave the way for a bit of medium-term stability." Worries about economic growth and soaring inflation continued to dominate global market mood, with investors now looking to the earning season for signs on how companies are faring amid costs and weakening consumer confidence.
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U.K. Prime Minister Boris Johnson Fights For Survival After Wave Of Government ResignationsI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health. I have master’s degrees in Biological Natural Sciences and the History and Philosophy of Science from Downing College, Cambridge University. Follow me on Twitter theroberthart or get in touch at rhartforbes.com
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