Stocks climb on recession watch; pound rallies

LONDON: Stock markets recovered further Thursday as investors weighed recession risks, while the pound rallied on the resignation of Britain’s scandal-hit Prime Minister Boris Johnson as leader of the Conservative party.

“Stocks bounce as pressure points ease,” said independent markets analyst Stephen Innes.

The Federal Reserve on Wednesday stressed its readiness to continue hiking US interest rates to tackle soaring inflation.

Minutes of their last meeting made clear that officials did not plan to let up in efforts this year to try to cool prices.