European stocks opened higher Tuesday morning, while the pound dipped amid worries that Britain’s new prime minister could lead the country into a no-deal exit from the European Union.
The pan-European Stoxx 600 was up around 0.45% shortly after the opening bell, with all sectors and major bourses in positive territory.
Sterling edged 0.3% lower against the U.S. dollar Tuesday morning, slipping to $1.2439 during morning trade. It comes as investors brace for the result of the Conservative Party leadership contest.
Britain’s ruling party is set to announce that either former London mayor Boris Johnson — widely regarded as the strong favorite to enter Downing Street — or Foreign Minister Jeremy Hunt will succeed Theresa May to become the new leader and prime minister.
Source : CNBC