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Wall Street dips as FTSE shakes off slump

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European stocks pushed higher as markets rebounded after being rocked by a series of geopolitical and economic headwinds, which also hit other assets including oil and cryptocurrencies.

In Britain, the FTSE 100 (^FTSE) gained 0.5%, while France’s CAC (^FCHI) was 0.6% higher and the DAX (^GDAXI) added 1.2% in Frankfurt.

It comes as Prince Charles said the government will drive economic growth to “improve living standards and fund sustainable investment in public services”, in Tuesday’s Queen’s Speech.

On Monday, the FTSE All-World barometer of global stocks fell as much as 3% on Monday, its sharpest drop since June 2020 and its lowest level since December 2020, adding to fears that the global economy is heading for a sharp slowdown, stagflation or recession.

Michael Hewson, chief market analyst at CMC Markets, said: “While investors have spent most of the last few months fretting about events in Europe and the war between Ukraine and Russia, there had been the hope that the Chinese economy might be able to pick up the slack, as far as global growth is concerned.

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