UK shares and the pound rose after an election victory for Britain’s Brexit-backing Conservative Party. More here:
LONDON/SYDNEY - Stocks rose and the pound gained on Friday as the prospect of a China-U.S. trade deal and an election victory for Britain’s Brexit-backing Conservative Party cleared two of the darkest 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 were set to drag on for months yet.. It reached its highest levels against the euro since mid-2016.
Trade optimism had already lifted Wall Street to record highs. Reuters reported the United States had proposed reducing some tariffs on Chinese goods and delaying a tranche of tariffs as part of phase one of a deal.
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