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The UK gilts jumped on worries over the country’s hung Parliament after the Conservatives party fell short of a majority vote to secure its position as the ruling government. Prime Minister Theresa May’s surprise call for a snap election in the country has massively backfired, leaving investors and other market participants in the mid of an uncertain situation that calls for a coalition by May to form a ruling party.
The yield on the benchmark 10-year gilts, plunged 2 basis points to 1.01 percent, the super-long 30-year bond yields slipped 1 basis point to 1.68 percent and the yield on the short-term 2-year traded 2-1/2 basis points lower at 0.09 percent by 10:10 GMT.
In a major political surprise, the result of the general election called by PM Theresa May has resulted in a hung parliament, with no single party securing a majority of seats. With 649 of 650 seats declared at the time of writing, the Conservatives remain the largest party with 318 seats, but that is down 1 in the 2015 election and short of the nominal 326 needed for a majority.
A hung parliament points to protracted negotiations, creating major political uncertainty, not only in terms of who will end up leading the next government, but also its composition and longevity. Downing Street this morning said that Mrs May has no intention of resigning and reports suggest she will seek permission from the Queen today at 12:30 pm to form a government with the support of the DUP.
Lastly, the new parliament is scheduled to be summoned on June 13 for MPs to be sworn in and a new speaker elected. The state opening of Parliament and the Queen’s speech is scheduled for June (this can be delayed in exceptional circumstances). Hence, a new government would be expected to have been formed by then. A vote in the Commons on the Queen’s speech is expected the following week, which would effectively be a vote of confidence in the new government.
Meanwhile, the FTSE 100 traded 0.71 percent higher at 7,499.50 by 10:20 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -47.89 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
