Boris Johnson wins UK elections

Daily Analysis - 13/12/2019

Big day for the Conservative party

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Boris Johnson, the head of the Conservative Party has won a five-year term as the prime minister of the UK with a sufficient parliamentary majority. With this, he has opened the way for England to quit the European Union by the end of January. The predicted outcome, which demonstrated even more forceful than experts had determined, results in a bitterly contested and divisive referendum campaign. It is anticipated that Boris Johnson will start preparing for England’s departure with the support of an obvious majority of 74 seats. On Friday morning, the Conservatives had regained enough Members of Parliament (MPs) to secure a general majority in the House of Commons. That’s because the center-right party has exceeded the 326-seat threshold needed, with some supporters still to report.

Pound got supported and hit a multi-year top


On Friday the pound went to its multi-year top versus its rivals while early UK election outcomes showed a possible Conservative victory, which is anticipated to clear the Brexit political deadlock that has hurt Britain’s markets the last years.

Versus the euro, GBP increased by around 2% and went up to 82.79. That is the most powerful level since the summer of 2016.

The pound rose more than 2% to touch $1.3515, the biggest level since last year, before ending at $1.3481.

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S&P 500 touched record top


On Thursday Stocks surged while sources informed CNBC about new developments on the intermediate deal aka "phase one" trade agreement linking the US and China that the main principles have been agreed. The Dow Jones Industrial Average finished with more than 220 points rising to 28,132.04.

The S&P 500 advanced 0.9% to close the day at 3,168.56, cutting a record end. The Nasdaq Composite also touched an all-time ending top, increasing 0.7% to 8,717.31.

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Gold dropped after trump statement


Gold fell from an over 30-day top in an active session yesterday following the US President Donald Trump's statement that the US was confined and very close to strike a trade agreement with China, causing the safe-haven metal’s demand to fall. Spot gold fell 0.44% to $1,468.30 per ounce. Gold scored its most powerful level since last month at $1,486.79 earlier in the session, while US gold futures ended down 0.2% at $1,472.1.

 

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