Stocks, pound up as Sunak poised to become new British PM

London: Global stocks and the pound climbed on Monday as markets reacted to the news that former finance minister Rishi Sunak was to become Britain's new prime minister.

European markets closed in positive territory, despite data showing Britain and Germany heading for recession and the Hong Kong stock market plunging.

Wall Street stocks also continued to rise on Monday. The Dow Jones was up by around one percent around 1530 GMT, with sentiment boosted by hopes the US Federal Reserve would soon slow the pace of its interest rate hikes.

News that European gas prices were at a four-month low also spurred traders. The reference Dutch TTF dipped below 100 euros ($99) for the first time since June, reaching 98.60 euros per megawatt hour at around 1030 GMT on Monday.