Friday, 7 May 2010

Pound and bonds slide as City confronts a hung Parliament

Sterling fell to its lowest in more than a year, UK government bonds sold off and the FTSE 100 dropped as investors woke up to the first hung Parliament since the 1970s.

The pound extended Thursday's decline and was down another cent at $1.4729 by 9:30am in London trading. UK government bond prices, which had enjoyed a rally in recent days thanks to the Greece crisis, also sold off as investors fretted over how long it will take the polticial parties to form a Government.

"All in all not good for the pound, gilts or equities," said Marc Ostwald, a strategist at Monument Securities. "The constitutional position is likely to be a lot messier than the markets have been discounting." more...


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