The former candidate for the British prime minister just seven weeks ago, Rishi Sunak, is set to become the next leader of the United Kingdom after the resignation of Liz Truss.
Sunak will be named the new prime minister after his sole competitor, Penny Mordaunt, dropped out of the race on Monday afternoon in which the former Prime Minister Boris Johnson took an initiative to withdraw on Sunday.
The election of Sunak will mark British fifth conservative leadership in six years.
European markets closed higher on Monday with utilities, construction, retail and media stocks leading the gains.
Germany’s DAX closed 1.58% higher, London’s FTSE gained 0.64%, France’s CAC rose 1.59%, European Stoxx600 increased 1.40%.