TOKYO (AP) – The pound slumped in Friday’s trading as soon as signs emerged that Britain’s ruling Conservatives will have a weaker-than-expected showing in the country’s election. Global stock markets were mostly higher as investors shrugged off uncertainties.
KEEPING SCORE: France’s CAC 40 added 0.5 percent in early trading to 5,292.66, while Germany’s DAX rose 0.5 percent to 12,770.25. Britain’s FTSE 100 gained 0.8 percent to 7,509.52. U.S. shares were also set to drift higher, with Dow futures up 0.2 percent at 21,172. S&P 500 futures were also up 0.2 percent at 2,433.90.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 0.5 percent to finish at 20,013.26, while South Korea’s Kospi rose 0.8 percent to 2,381.69. Australia’s S&P/ASX 200 was little changed, inching up less than 0.1 percent at 5,677.80. Hong Kong’s Hang Seng slipped 0.1 percent to 26,030.29. The Shanghai Composite added 0.3 percent to 3,158.40.
BRITISH POLLS: The Conservative Party lost its majority in Parliament and pressure is mounting on British Prime Minister Theresa May to resign. The results could send Britain’s negotiations to leave the European Union – due to start June 19 – into disarray.
CURRENCIES: The pound lost more than 2 cents versus the dollar seconds after the exit poll results were released, plunging from $1.2955 to $1.2752. It continued to bounce around that level and was recently trading at $1.2721. The dollar fell to 110.36 yen from 109.90 yen late Thursday in Asia. The euro weakened to $1.1182 from $1.255.