It is crunch time for Britons today and the markets seem to be taking it in their stride. The FTSE gained 0.57% and the pound is a touch stronger as the country goes to the polling station. The first indicative election results will be released when the polls close around 10 pm based on a duplicate vote that a sample of voters will be asked to cast once they leave the polling stations. However, the final call will only be made shortly before the markets open Friday.
JD Sports shares are up this morning in a speculative swing following a massive selloff earlier this week. Shares in advertising firm WPP are also higher after the firm decided to buy back £300 million of its shares. The FTSE’s rally, however, is being dampened by declines in AB Foods and Hikma Pharmaceuticals.
Lagarde and the euro
Christine Lagarde will run her first European Central Bank meeting since she took over from Mario Draghi and although she is not expected to opt for any rate changes her press conference at 14.30 will be closely watched for indications that she may change tack from her predecessor.
The euro is losing some ground in early trade and is coming in weaker against both the dollar and the pound, with the latter firming up on hopes of a clear election win and consequently of a clear course on Brexit.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.