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British pound hits lowest level against dollar in more than 3 decades
U.S. stocks open marginally higher
U.S. stocks moved slightly higher Wednesday morning despite growing concern over the prospects of another major rate hike from the Federal Reserve.
The Dow Jones Industrial Average was up 0.4% while the S&P 500 moved 0.5% higher. The Nasdaq was also up 0.8% in early trade.
— Karen Gilchrist
Stocks on the move: Verbund up 12%, Ubisoft down 16%
Austrian electricity company Verbund jumped 12% by late morning, leading a broad rally for European utilities stocks as the market anticipated potential shifts in regulation to weather the continent’s deepening energy crisis.
At the bottom of the Stoxx 600, French video game manufacturer Ubisoft Entertainment plunged more than 16% after announcing that Chinese conglomerate Tencent had increased its stake in the company, a move seen as reducing the likelihood of a full buyout.
– Elliot Smith
