Britain's new PM Sunak will get little leeway from markets, investors say

Newsletter Oct 25, 2022 [ International Business Times]( [Britain's new PM Sunak will get little leeway from markets, investors say]( Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy. [No comeback yet, but UK's Johnson vows still 'much to offer']( Johnson had hinted when resigning in July that he would likely attempt a second stint in office -- though even his allies would have thought it unlikely so soon.  [Learn more about Jeeng]( [Incoming PM Sunak inherits UK economy in crisis]( Britain's next prime minister, former finance chief Rishi Sunak, inherits a UK economy that was headed for recession even before the recent turmoil triggered by Liz Truss. [Swift rise to PM, but some doubt Rishi Sunak can win UK elections]( Elected for the first time to parliament in 2015, Rishi Sunak became Britain's youngest prime minister in more than 200 years on Monday, tasked with steering the country through an economic crisis and mounting anger among some voters. [Asian Britons celebrate 'proud moment' as Sunak takes on top job]( Rishi Sunak is set to become Britain's first prime minister of colour on Tuesday, an achievement that many, particularly in the Asian community, held up as a cultural milestone standing out above the economic chaos and political tumult. [It matters that Rishi Sunak has become the UK's first prime minister of Indian descent]( Sunak's parents may have been born in East Africa, but his cultural affinity lies with his Indian roots. [Oil prices edge higher as U.S. dollar eases]( Oil prices edged higher on Tuesday, reversing some of the previous session's losses, as the U.S. [European stocks, pound up awaiting new British PM]( European stocks and the pound climbed Monday as markets awaited confirmation that former finance minister Rishi Sunak would become Britain's new prime minister. [Eurozone contracts further as Germany heads for recession]( Germany, the EU's top economy and Europe's export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction. [Hyundai's bright profit view clouded by U.S. EV concerns]( Hyundai Motor Co raised earnings guidance on Monday, buoyed by premium vehicle sales and a foreign exchange lift, but disappointing quarterly results and an uncertain U.S. [Philips to cut 4,000 jobs as recall losses deepen]( Philips to cut 4,000 jobs as recall losses deepen [Credit Suisse to pay 238 mn euros to settle French fraud probe]( Credit Suisse has agreed to pay 238 million euros ($234 million) to avoid prosecution on French money laundering and tax fraud charges, according to a settlement approved Monday by a Paris court. [Greening global economy brings dependence on critical minerals]( Copper and aluminium are used in electricity networks, and platinum is a catalyst for hydrogen. [Microsoft powers up search for Chinese gaming hits in race against Sony]( Microsoft Corp is stocking up on Chinese video game content to emulate Sony Group Corp's success with "Genshin Impact", sources said, solidifying China's transition from a land only of players to a hub of blockbuster developers. You Might Like    [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.