Boris Johnson and Brexit: The FTSE and the pound gained after Johnson’s Conservatives won a significant majority in the UK election with the focus shifting toward an exit from the EU on Jan. 31. More here:
LONDON - Stock markets and sterling gained on Friday as U.S.-China trade hopes and an election win for Britain’s Brexit-backing Conservative Party cleared two of the clouds on the global investment horizon.
“Global investors have been given two of the biggest gifts on their Christmas list and should be appreciative for a while at least,” said Sean Callow, a senior forex analyst at Westpac. “Global equity indices such as MSCI World should set more record highs and sterling could push above $1.36.” Prime Minster Boris Johnson won a commanding majority in Britain’s Parliament, giving him the power to deliver Brexit, though trade talks with the European Union are set to drag on for months, if not years.
“Over the next 1-2 months I think it is about long-term buyers of sterling returning to the market that might have been on the sidelines up until this point,” explained NatWest Markets head of G10 FX strategy Paul Robson, saying heavyweight sovereign wealth funds could start buying into UK equities.
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