European stocks rise as energy stocks rise; Focus on UK financial plan

European stocks rise as energy stocks rise;  Focus on UK financial plan

(Reuters) – European shares rose on Monday, led by gains in energy stocks, as investors awaited clarification on Britain’s financial plan, amid growing fears of a recession and pressure on corporate earnings from higher interest rates.

The area-wide index was up 0.2% at 7:02 am GMT.

Markets were volatile last week, with investors worried about the prospects of a recession from the central bank’s aggressive measures to tame inflation and political turmoil in the UK adding to concerns.

London blue chips surged 0.1% ahead of new British finance minister Jeremy Hunt’s tax and spending measures on Monday, two weeks ahead of schedule to stem the dramatic loss of confidence in the government’s fiscal plans.

Most of the STOXX 600 sectors were trading higher, as energy led the gains with higher oil prices on hopes of improving fuel demand from China.

Among individual stocks, Credit Suisse rose 1.2%. The bank agreed to pay $495 million to settle a lawsuit against it in the United States.

Hargreaves Lansdowne shares fell 1.5 percent after the British investment platform said its chief executive would step down, a day after it was hit by a multi-million pound lawsuit.

Shares in Mowi rose 1.2% after third-quarter earnings for Norwegian salmon farms came in above expectations.

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