European markets lower as UK political chaos continues; Retail stocks down 4%

European markets were lower on Friday afternoon as political chaos in the U.K. continues following the resignation of Prime Minister Liz Truss. A leadership contest will now take place over the next week. Meanwhile, EU leaders are still debating how to tackle the bloc’s energy crisis as they meet in Brussels, after Germany gave the green light for discussions around a price cap. 

The Stoxx 600 was 1.5% lower shortly after midday, with all sectors and major bourses in negative territory. Retail stocks led the losses, down 4.1% for the session.

U.S. stock futures were down after a tumultuous day on Wall Street, with bond yields rising and a slew of wide-ranging corporate earnings. Futures for the Nasdaq 100 , Dow Jones Industrial Average

and S&P

all slipped.

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