European shares edge up as energy stocks gain; UK fiscal plan in focus

(Reuters) – European shares edged up on Monday, driven by gains in energy shares as investors awaited clarity on UK’s fiscal plan amid jitters about the growing likelihood of a recession and corporate profits coming under pressure from rising interest rates.

The region-wide index was up 0.2% at 7:02 a.m. GMT.

Markets saw volatility last week, with investors fretting about the prospects of a recession from aggressive central bank actions to tame inflation and UK’s political turmoil adding to worries.

London’s blue-chip was up 0.1% ahead of Britain’s new finance minister Jeremy Hunt’s tax and spending measures on Monday, two weeks earlier than scheduled to stem a dramatic loss of confidence in the government’s fiscal plans.

Most STOXX 600 sectors were trading up, with energy leading gains as oil prices rose on hopes of better fuel demand from China.

Among individual stocks, Credit Suisse was up 1.2%. The bank has agreed to pay $495 million to settle a case brought against it in the United States.

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

Shares in Mowi rose 1.2% after the Norwegian salmon farmer’s third-quarter profit came in above expectations.

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