Pound Slides as May Struggles

12 June, 2017

Pound Slides as May Struggles

A sell-off in US tech stocks has spread through Europe and Asia, with shares battering from the Netherlands to South Korea. The pound was altered as Theresa May fights to survive the mess from the UK general election results.

Tencent Holdings Ltd, ASML Holding NV and Samsung Electronics Co. declined in Asia and Europe and this resulted in pulling down benchmark indices. US stock futures also had a decline as markets proceed with digesting the Nasdaq 100’s dive which took place Friday.

GBP seems to be caught between the potential benefits of the current socio-political uncertainty and a “soft Brexit” whereas Italian bonds rallied as the Five Star Movement suffered in local elections and Palladium extended its presence in the market as a world-beater.

In the meantime, the drama continues in Washington regarding the alleged Russian meddling in the 2016 Presidential Elections and with the Federal Reserve expected to lift rates there is a high volatility on the dollar over the next couple of days.


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