The British pound plunged to a seven-week low Friday after a shock election result cast doubt on Britain’s talks to leave the European Union, but global equity markets rallied with key indexes on Wall Street hitting new record highs.
The impact of the British election on the U.S. markets was limited.
Ablin said over the past 12 months, central banks, including the Fed, have pumped almost $2 trillion into capital markets, which has driven asset prices higher.
Britain’s FTSE 100 index rose 1 percent, and the pan-regional FTSEurofirst 300 index of leading European shares rose 0.36 percent to 1,534.20 .
The SP 500 gained 10.14 points, or 0.42 percent, to 2,443.93 and the Nasdaq Composite added 3.30 points, or 0.05 percent, to 6,325.06 .
U.S. 10-year Treasurys were last down 7/32 in price to yield 2.2198 percent.
Article source: http://www.dailystar.com.lb//Business/International/2017/Jun-10/409114-british-pound-slips-after-election-shock.ashx