In Emergency Policy Statement UK Reverses Tax Plans, Markets Jump On the News – Mish Talk

“The most important objective for our country right now is stability,” said Hunt. This was a near-total reversal of fired Chancellor, Kwasi Kwarteng. 

Markets globally reacted favorably to the news.

Market Reaction

• Yield on 10-year UK treasuries (Gilts) fell about 40 basis points (0.40 percentage points), an unusually large move 
• The US dollar index fell 1.15 percent to 111.88
• Gold rose about $20 to 1,668
• The S&P 500 is up 93 points, 2.6 percent
• The Nasdaq is up 336 points, 3.3 percent