Asia Unhedged | Sterling, FTSE hit two-and-a-half-month high, low after May calls for election
British Prime Minister Theresa May surprised markets with her call for a snap election in June. Photo: Reuters, Kirsty Wigglesworth
British Prime Minister Theresa May surprised markets with her call for a snap election in June. Photo: Reuters, Kirsty Wigglesworth
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Sterling, FTSE hit two-and-a-half-month high, low after May calls for election

The UK prime minister’s surprise call for an early election could offer overall stability to markets

April 18, 2017 10:56 PM (UTC+8)

British Prime Minister Theresa May surprised investors on Tuesday when she called for a snap election to be held on June 8, despite earlier insistence on waiting until the planned ballot in 2020.

The pound surged to its strongest level in more than two months as British stocks fell to their lowest point over the same period.

“Overall, markets are seeing this as a bit of security and something that will strengthen our negotiating power as we go through the Brexit process,” Reuters quoted Alex Edwards, head of currency dealing at money transfer firm OSF, as saying.

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