Daily Stock Market News

Truss and Treasury secretary fail to reassure markets as bond yields rise, stocks tumble


Truss and Philp fail to reassure markets

The prime minister, Liz Truss, and the Treasury’s no 2, Chris Philp, have both done a round of broadcast interviews this morning – but their comments appear to have done little to reassure markets.

Government bond yields are rising again, the stock market has tumbled and the pound is sliding. Sterling is now worth $1.0789, a 0.9% drop on the day.

The FTSE 100 and FTSE 250 indices have lost 1.8% and 2.3% respectively this morning. Germany’s Dax has dropped 1.9%, France’s CAC has slid 1.8% and Italy’s FTSE MiB fell 1.1%.

Despite a barrage of criticism, from the International Monetary Trust and the former Bank of England governor Mark Carney, the government is refusing to perform a U-turn on the package of £45bn of unfunded tax cuts aimed at the wealthy it announced on Friday. There is also no sign at the moment that the fiscal policy statement planned for 23 November could be brought forward.

Truss said this morning: “I have to do what I believe is right for the country and what is going to help move our country forward.”

Philp sidestepped a question about the current crisis, saying: “There was a crisis with the energy situation and we’ve addressed that and if any other challenges arise then the government will deal with it where it’s in our power or the independent central bank if it’s in their power.”

British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, on 23 September.
British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, on 23 September. Photograph: Dylan Martinez/Reuters

Porsche has made its stock market debut, one of the biggest public offerings in Europe ever.

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Shares in the German sports car maker initially rose to €84 when they started trading in Frankfurt, valuing the company at €75bn. They were priced at the top end of the announced range, at €82.50, last night. The stock has since fallen back 7.9% to €62.50, amid a general share selloff. The Dax has fallen 1%, or 122 points, to 12,059.

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The parent company Volkswagen is offering 911m shares, in a nod to Porsche’s famous 911 model.

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Porsche hailed the beginning of a “new era” and chief executive Oliver Blume said:

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Today, a big dream comes true for Porsche. Our increased degree of autonomy puts us in a very good position to implement our ambitious goals in the coming years.

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Other companies are thought to be delaying going public because of the market turbulence.

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Liz Truss said this morning that fracking will only be allowed to take place where a community has consented, and the government is working on the “detailed issues” about how support can be assessed.

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She told BBC Radio Lancashire, which broadcasts in the region where fracking for shale gas was halted after earth tremors:

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n

It’s very important for me as prime minister that any fracking has local community consent.

n

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This month, her government controversially lifted a moratorium on fracking in England that had been in place since 2019, arguing that strengthening energy supply was an “absolute priority”. However, many experts, communities and MPs are strongly opposed to fracking.

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Read More: Truss and Treasury secretary fail to reassure markets as bond yields rise, stocks tumble

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