The center-left Labour Party is projected to win the U.K. election by a landslide, according to an exit poll, 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 Kier Starmer's party is forecast to win 410 seats, a 170 seat majority in parliament. Polls closed at 10 p.m. London time and counting is expected to continue through the night with a clear picture emerging in the early hours as constituencies declare results.
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.
Joe Biden France Evercore Partners Inc Luxury Goods Retail Unemployment FTSE 100 STOXX 600 Societe Generale SA BNP Paribas SA Pound Sterling Elections London Political Polling United Kingdom Payroll Services Tesla Inc Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CNBC Daily Open: Presidential debateBiden blames Trump for inflation, Nike plunges on warning and Chewy soars as Roaring Kitty posts dog image.
Read more »
CNBC Daily Open: Roaring Kitty, Nike flops, inflation on deckNike's shares fell 12% after cutting guidance. Roaring Kitty's post caused brief volatility in Chewy's stock. The S&P 500 gained slightly.
Read more »
CNBC Daily Open: Micron slides, Amazon's $2 trillionThe S&P 500 and Dow Jones closed slightly higher, while Nasdaq Composite increased by 0.49%, with Nvidia recovering. Amazon's market cap surpassed $2 trillion.
Read more »
CNBC Daily Open: Amazon enters $2 trillion clubThe S&P 500 and Dow Jones closed slightly higher, while the Nasdaq Composite increased by 0.49%, with Nvidia recovering. Amazon hit a $2 trillion market cap.
Read more »
CNBC Daily Open: Nvidia rebounds after $500 billion slumpNvidia lifts S&P 500 and Nasdaq, VW to invest $5 billion in Rivian, Trump to 'reignite' inflation
Read more »
CNBC Daily Open: Nvidia rebounds after $500 billion slumpNvidia lifts S&P 500 and Nasdaq, VW to invest $5 billion in Rivian, Trump to ‘reignite’ inflation
Read more »