The center-left Labour Party has won a landslide victory, ending 14 years of Conservative rule.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe's Labour will gain its second-largest majority, following former Prime Minister Tony Blair's 179-seat majority in 1997. Prime Minister Rishi Sunak has conceded defeat.
Nonetheless, RBC Capital Markets analysts note parallels between current market trends and the 1997 U.K. election, the last Conservative to Labour transition. Markets could see notable post-election gains and here are"Financial markets are actually taking the current and upcoming election risks in their stride… This is not to say that we do not add any political risk premium at all though, because matters will heat up as the U.S.
"If history is any guide, for it is never gospel, investors need to be reminded that the equal-weighted versions of cap-weighted benchmarks have typically endured deeper selloffs and reduced frequencies of outperformance compared to their cap-weighted cousins during declines of 10% or more for the S&P 500 , Nasdaq-100 , Russell 2000 , and S&P SmallCap 600 ," Stovall wrote Wednesday.
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