The biggest European stock markets rose yesterday for the fourth consecutive trading session, although the pace of the rise was slowed by declines in shares of companies operating in the commodities sector.

What will happen to European stock markets futures?

The new U.K. Treasury Secretary Jeremy Hunt on Monday announced a rejection of much of the fiscal stimulus proposed by the former head of the British Treasury Quasi-Quartering on September 23. In particular, the British government will return to plans to increase the corporate tax rate from 19% to 25% from April 2023, and will also abandon plans to cut dividend tax, carry out pay reform, “freeze” duties on alcohol and introduce a zero rate of VAT for foreign buyers.

Also, the basic income tax rate reduction to 19% from 20%, scheduled for April, will be delayed, and the homeowner energy subsidy program will be cut. Hunt’s proposals are expected to save the British government 32 billion pounds.

The Financial Times reported Tuesday that the Bank of England is likely to postpone sales of government bonds from the central bank’s portfolio until the debt market stabilizes. It had originally planned to start selling government bonds on October 6, but then postponed it to October 31. The Bank of England, however, called the FT report “incorrect. It had a good effect on European stock markets.

German statistical data released on Tuesday showed some improvement in investor and analyst sentiment. Index of economic expectations for the next six months rose to minus 59.2 points in October from minus 61.9 points a month earlier. Experts polled by Trading Economics on average expected it to fall to minus 65.7 points.

Earlier, we reported that U.S. stock indices rose 0.9-1.1%.