Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister. European and American equities climbed despite data showing Britain and Germany headed for recession and a plunging Hong Kong stock market as Chinese President Xi Jinping handed key economic posts to loyalists behind his zero-Covid strategy.

Stocks, pound up as Sunak to become new British PM

The UK announced a further 16.7 million pounds in aid for Ethiopia, and called on “the Council’s members to come together and to urge with one voice for immediate ceasefire and access to humanitarian aid.

UK announces further aid for Ethiopia

The pound dropped Monday following weak UK construction data and as Prime Minister Theresa May seeks to try and finally unlock the Brexit stalemate. London's benchmark FTSE 100 index, featuring large multinationals earning in dollars and euros, climbed to a two-month high above 7,000 points thanks to the weaker pound.

Pound falls as PM May plans fresh Brexit assault

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year

Bank of England cuts rates for first time since 2009, restarts bond purchases

The central bank said it would lower the amount of capital banks are required to hold in reserve, freeing up an extra 150 billion Pounds

Bank of England takes steps to ensure British banks keep lending

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