UK Market News: The UK stock market advanced on Monday after a dreadful last week over economic worries, and further interest rate hikes fear from major central banks. The blue-chip FTSE 100 index gained over a per cent on Monday, boosted by gains in financial and energy stocks. The Bank of England (BoE) announced that its Financial Policy Committee would withdraw the mortgage market affordability test with effect from 1 August 2022. The test was introduced in 2014 to specify a stress interest rate for lenders when assessing potential borrowers’ mortgage repayment ability.
EasyJet Plc (LON: EZJ): The share of low-cost airline group EasyJet fell by around 3%, with a day’s low of GBX 418.50. The company announced that it faced a £200 million hit after it cut thousands of flights this summer amid travel chaos. The airline group is reducing capacity to 90% until the end of September.
Euromoney Institutional Investor Plc (LON: ERM): The share of one of Europe’s largest business and financial information company, Euromoney Institutional, were up by around 26.5%, with a day’s high of GBX 1,412.00. The company announced that it is in talks with a consortium comprising private equity company Astorg Asset Management S.ar.l and Epiris LLP over a potential £1.6 billion takeover.