UK stocks rebound as investors weigh political uncertainty

The FTSE 100 was up 2.2%, as of 0728 GMT, and the domestically focussed FTSE 250 index added 1.9%. Sterling edged higher after hitting a two-year low on Tuesday following British finance minister Rishi Sunak's abrupt resignation, which threw Johnson's government into a crisis. British asset manager Abrdn surged 6.7% on launching a share buyback programme worth 300 million pounds ($359.16 million). ($1 = 0.8353 pounds)

UK's blue-chip FTSE 100 swung higher on Wednesday after suffering its worst day in three weeks on the prospects of a global recession, while investors watched a crisis unfold in British Prime Minister Boris Johnson's government. The FTSE 100 was up 2.2%, as of 0728 GMT, and the domestically focussed FTSE 250 index added 1.9%.

Sterling edged higher after hitting a two-year low on Tuesday following British finance minister Rishi Sunak's abrupt resignation, which threw Johnson's government into a crisis. Shares of global companies such as AstraZeneca, Diageo and Unilever, which tend to benefit from a weaker sterling, rose between 1% and 2%.

Recruitment firm Robert Walters climbed 4.1% after it predicted full-year profit above market expectations amid a recovery in permanent hiring globally. British asset manager Abrdn surged 6.7% on launching a share buyback programme worth 300 million pounds ($359.16 million).

($1 = 0.8353 pounds)