SQUAWK BOX, FRIDAY 21ST OCTOBER, 2022

UK Prime Minister Liz Truss quits after just six chaotic weeks in the job. Sterling dips on the news ahead of an accelerated Tory leadership contest. A new Prime Minister is expected to be announced by next Friday. In Brussels, EU leaders meet late into the night with Germany’s Olaf Scholz dropping his country’s opposition to a gas price cap, provided sufficient supplies are secured. U.S. indices are in the red and both the 2- and 10-year yields hit levels not seen since 2008. In corporate news, sportswear giant Adidas cuts its full-year guidance blaming weaker demand in China and in the West and its departure from the Russian market. However, luxury firm Kering shrugs off any recession concerns to post a 14 per cent surge in Q3 sales despite Gucci lagging in China.