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.”

EU leaders will discuss next week what they regard as “sabotage” on the subsea Nord Stream gas pipelines, according to an EU official in Brussels.

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He said:

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n

The attack on strategic infrastructure means that the strategic infrastructure in the entire EU has to be protected.

n

This changes fundamentally the nature of the conflict as we have seen it so far, just like the mobilisation… and the possible annexation.

n

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He was referring to Russia’s mobilising of 300,000 more troops for its war in Ukraine and expectations that president Vladimir Putin will annex eastern Ukrainian regions. He is expected to begin formally annexing 15% of Ukrainian territory on Friday to add four Ukrainian regions to Russia.

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As gas continued to leak into the Baltic Sea for a fourth day since leaks were first discovered, it remained unclear who might be behind any deliberate attack on the pipelines.

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Russia said the incidents looked like “an act of terrorism”, and that the leaks off the coasts of Denmark and Sweden occurred in territory that is “fully under the control” of US intelligence agencies.

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Lindt & Sprüngli has won its battle against the German discount retailer Lidl, as Switzerland’s highest court ruled that the Swiss chocolatier’s famous Easter chocolate bunnies deserve protection from copycat products.

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It has ordered Lidl to stop selling a similar bunny in Switzerland and to destroy its remaining stock.

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The Federal Court said surveys submitted by Lindt showed its gold foil wrapped Easter bunny was well known to the public. It added that the two products were likely to be confused even though there are some differences.

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Regarding the inventory destruction, the court said in a summary of its verdict:

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n

Destruction is proportionate, especially as it does not necessarily mean that the chocolate as such would have to be destroyed.

n

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The Swiss premium chocolate maker Lindt has fought many court battles over the years to protect the Easter bunny, one of its best-selling products. Germany’s federal court ruled last year that the gold tone of Lindt’s foil-wrapped bunny had trademark protection.

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wins chocolate bunny battle in Swiss court”,”contributors”:[],”primaryDateLine”:”Thu 29 Sep 2022 07.25 EDT”,”secondaryDateLine”:”First published on Thu 29 Sep 2022 02.46 EDT”},{“id”:”633568938f084e56bac57efc”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

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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n

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.

…