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Election Special - World Markets Live

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    The results are coming in at speed but we are around half way.
    The latest we have are as follows:
    Labour 151 
    Conservative 134
    SNP 23
    DUP 8 
    Liberal Democrats 3
    The mandate (Theresa May) has got is lost Conservative seats. lost votes, lost support and lost confidence. I would have thought that;'s enough to go actually.
    Labour leader Jeremy Corbyn says it is time for Theresa May to step down.
    Theresa May has won her own seat in what will be small relief for the current prime minister.
    She says for the wider country, votes are still coming in. She says if the Conservatives win the most seats it will be incumbent on her party to offer stability.
    Theresa May: The country needs a period of stability
    The interpretation being offered by the BBC is that she will attempt to form a coalition party as a hung parliament result looks ever more likely.
    The BBC project the Conservative Party are short a majority by 8 seats and they will now win 318 seats.
    The maths are relatively complicated as to whether that would be enough to form either a coalition government or potentially put together a minority government that could work on a case by case minority government.
    The latest results are as follows:
    Another bellweather seat is Warwick and Leamington. It has swung to Labour from Conservative.
    In Scotland, the SNP continues to have a difficult night.

    Labour has just won back Gordon Brown’s former seat of Kirkcaldy and Cowdenbeath from the SNP.

    The Conservatives  have taken Aberdeen South, as well as Ayr, Carrick and Cumnock from the SNP. 

    Nomura is asking why sterling isn't moving lower with such positive gains for Labour but they say the market may argue it is a sign of a sea change in the direction of Brexit negotiations.
    Paddy Power, the betting website, says no overall majority is the favorite outcome, offering odds of 33/1 on. 
    Theresa May, however, is still favorite to be the next leader presiding over a coalition, according to the website.
    Here is a graphic of the latest BBC forecast.
    The Conservatives are still tipped to win the greatest number of seats but for now, Labour is more than holding its own.
    Source: BBC
    Here is a key element of Theresa May's speech following her seat victory:
    At this time, more than anything else, this country needs a period of stability. And if, as the indications have shown, and this is correct, that the Conservative party has won the most seats, and probably the most votes, then it will be incumbent on us to ensure that we have that period of stability and that is exactly what we will do ...

    As we ran this campaign, we set out to consider the issues that are the key priority for the British people: getting the Brexit deal right, ensuring that we both identify and show how we can address the big challenges facing our country, doing what is in the national interest. That is always what I have tried to do in my time as a member of parliament and my resolve to do that is the same this morning as it always has been.

    As we look ahead and wait to see what the final results will be, I know that the country needs a period of stability. And whatever the results are the Conservative party will ensure that we fulfill our duty in ensuring that stability so that we can all, as one country, go forward together.
    There is a full recount in Hastings, where the Home Secretary Amber Rudd is the incumbent.
    She was originally sitting on a majority of 4,000.
    We'll keep you posted on that one.
    Nicola Sturgeon is the leader of the SNP in Scotland.
    She is asked if her aims of staying in Europe and leaving the United Kingdom have been improved by the election.
    She declines to answer that and says she will reflect on the obvious losses that her party have suffered.
    The SNP will remain the largest party in Scotland but have fallen well short of the 2015 performance.
    Nicola Sturgeon: I won't try to gloss over this result
    The DUP in Northern Ireland are on course for 10 seats which would be the highest number ever for that party.
    They are seen as likely allies of the Conservatives.
    Sinn Fein, who don't take their seats at the House of Commons, are also on course to increase their seats to 7.
    That would mean their would be no nationalist MP's from Northern Ireland in the House of Commons.
    The latest numbers look like this:
    Labour 209
    Conservative 208
    SNP 27
    Liberal Democrats 11
    Others 22
    UK's Scottish Conservative leader Ruth Davidson says SNP should take the prospect of the second referendum off the table. That's according to Reuters. 
    Davidson further says wants to ensure greatest possible amount of free trade when leaving the European Union.
    First Minister's Questions In Scottish Parliament On Eve Of UK General Election : News Photo
    Sterling has sat relatively stable at current levels after the initial slump on that main exit poll after voting ended.
    The Nomura prediction model is now suggesting the DUP in Northern Ireland will likely offer the Conservatives some breathing room to form a working coalition.
    Stephen Gallo, European head of FX strategy at BMO Financial Group analyses pound's reaction as results start to pour in:
    Based on the actual results coming in seat by seat, one of these three outcomes for the UK’s lower house seems the most probable:
    • Conservative minority government (coalition),
    • Labour minority government (coalition numbers don’t stack up),
    • Labour majority government
    My working hypothesis is that the FX market’s Brexit narrative is factor number one for the near-term direction in the GBP.  All three of the aforementioned scenarios above imply a ‘softer Brexit’, and the FX market likens softer Brexit to a firmer GBP.       
    My best judgement, which I am basing on price action overnight, is to expect a 1.2300-1.2950 range in GBPUSD over the coming sessions on one of the three aforementioned outcomes above.  Although this range looks very wide from a short-term perspective, my bias on the pair is actually fairly neutral.  Look for another leg lower in the pair towards the 1.2300 area if a Labour minority government or Labour majority government become more certain, but strong support down at that level.  On a Conservative minority government, look for the aforementioned range to tighten to 1.2500/1.2950. 
    This from the electionbettingodds.com website.
    Notably the possibility of Boris Johnson taking the keys to number 10 appear to be surging fast.
    The BBC's political editor is reporting whispers that there a significant number within the Conservative Party wanting Theresa May to at least change her style in the days going forward. 
    The SNP candidate Alex Salmond has lost his seat in Gordon.
    The Conservatives taking that pole position is remarkable given their 2015 third place finish.
    Early results in the U.K. election indicated a tight race between Prime Minister Theresa May's ruling Conservative government and the opposition Labour Party led by Jeremy Corbyn.
    For more, read our election wrap on CNBC.com

    Early election results are looking bad for the Conservatives; Corbyn calls for May to step down

    CNBCEarly results in the U.K. election indicated a tight race between the ruling Conservative party and the opposition Labour Party.
    And a quick recap of the situation as the Conservative Party start to rack up some wins.
    Conservatives 247 
    Labour 229
    SNP 33
    Liberal Democrats 10
    DUP 10
    The guru of British polling, Professor John Curtice, is on the BBC pointing out that the Conservative Party are very likely heading for hung parliament territory.
    On air the Scottish Conservative Party leader Ruth Davidson is asked if she would like to lead the wider U.K. party.
    She declines to answer directly.
    Still 100 seats to be declared across the United Kingdom.
    "A gamble that failed"? Here's a look at 3AM edition of British newspapers. Click on the arrows on both sides to access the slideshow:
    I'm afraid we ran a pretty terrible campaign.
    - Anna Soubry, British Conservative Party politician 
    She retains her seat of Broxtowe in Nottinghamshire but is critical of her party's wider messaging to the electorate.
    Soubry refuses to answer if her leader Theresa May should resign. The knives are out it would seem.
    Theresa May in happier times.
    The pound may fall to $1.21 if no UK party ends up with a majority in Parliament, an analyst at UOB Group in Singapore told Dow Jones.
    Similar to the Brexit vote last year, markets were positioned for a favorable outcome--Conservatives winning with an enlarged majority. 
    The pound briefly broke through $1.27 amid exit polling showing that won't happen. The investment bank sees the next test for sterling being around $1.2515; it's currently at $1.2746. 
    With less than 50 seats to be called, the situation looks like this. 
    LABOUR: 242
    SNP: 33
    LIB DEMS: 10
    DUP: 10
    OTHERS: 11
    The BBC is predicting the Conservatives will be the largest party but will fall short of the majority they crave.
    U.K.'s Labour Brexit spokesman Keir Starmer says looks as though country does not agree with PM May's vision of Brexit. He further added that the approach to Brexit needs to be reset. 
    Labour's Minister For Exiting The European Union Gives A Pre-election Speech On Brexit : News Photo
    UK Home Secretary and Conservative candidate from Hastings Amber Rudd holds seat in election after recount
    The BBC Leader's Debate Takes Place In Cambridge : News Photo
    Jordan Rochester of Nomura analyses the results so far in Nomura's latest election model estimate:
    It’s likely the Conservatives have fallen short of a majority or are just on the edge thanks to Sinn Fein (model at 319 seats, need 322 for a majority given SF 6 wins tonight who will abstain), 
    GBP/USD is 1.6% lower since the exit poll but has not meaningfully continued lower through 1.27 on its initial break through the level. 
    A lot of questions why it has not headed to the 1.24 level like the “surveys said.” It’s many things, one could simply be a lack of market liquidity but there is also the questions around what this means for Brexit (even if the election was focussed more on anti-austerity and security). 
    It’s that question mark that will have folks wondering if this a) delays things and b) changes the direction. Both possible and the latter point involving soft Brexit is that factor that probably has some bids in GBP here. 
    Enfield Southgate has gone to Labour from the Conservatives. That is a "middle Britain" seat that at the beginning of the night would not have been tipped to go to Labour.
    Meanwhile, check this share of vote story. It funny how politics works. Tonight will be considered a disaster for the Tories but that 43 percent gained Tony Blair a landslide in days gone by.
    With the counting for the U.K. General Election still ongoing, analysts are contemplating what the result means for Brexit negotiations, as Prime Minister Theresa May appeared in danger of losing her parliamentary majority.
    The Conservative leader called a snap election to strengthen her parliamentary majority and have more power and freedom to negotiate Britain's exit from the European Union.

    What the UK election result means for Brexit

    CNBCWith the counting for the U.K. General Election still ongoing, analysts are weighing what the result could mean for Brexit negotiations.
    Theresa May's Conservatives are set to be the largest party in parliament but short of an overall majority, the BBC forecasts. Here's the latest from the counting:
    JP Morgan says likelihood of the UK needing to request a delay in the Brexit process has risen substantially. That's according to Reuters. 
    This is the situation in Scotland with only 4 seats to declare. Quite a turnaround from 2015 when the SNP won 56 seats.
    Source: BBC
    Britain is preparing to face a hung parliament for just the fifth time in its political history, according to a BBC exit poll, as the ruling right-wing Conservative party is set to fall short of an overall majority in the General Election. 
    CNBC digital reporter Sam Meredith tells us all we need to know about a hung parliament:
    Professor John Curtice has said on air there is no way he can see the Conservative party gaining a majority.
    A coalition deal with the Northern Irish DUP party looks like one avenue to secure power for the Conservatives.
    Meanwhile FTSE futures have fallen around 18 points as investors wait to see if the official count confirms the shock exit poll. 
    Source: IG 
    Dave Weigel of Washington Post asked U.S. politician Bernie Sanders if he was watching the UK results. Here's what he had to say:
    33 more seats to go. Here's what the latest results from the counting looks like:
    And here's what the breakdown looks like:
    The former media adviser to Tony Blair is Alistair Campbell. He says the election tells us that the country doesn't really want May or Corbyn.
    He says that's a worry given the country are about to embark on its most important negotiations in decades.
    On May's performance since the Brexit vote, Campbell is highly critical.
    Since the referendum she has governed for the 52 percent with two fingers up to the 48 percent.
    Sterling continues to trade 1.5 percent lower against the dollar as results pouring in point towards a hung parliament. Some analysts have said that sterling may fall to $1.21 levels in case of a hung parliament.
    BBC is forecasting a hung parliament. Only about 25 seats to go:
    Labour politician Ed Miliband has tweeted that Theresa can;t now negotiate for Brexit:
    It is now officially a hung parliament now as Conservative Party as Theresa May fails to secure outright majority. 
    Sterling continues to trade lower as a hung parliament is now confirmed. Here's what Jeremy Stretch, head of G10 FX at CIBC has to say about sterling:
    So we are appearing to have a hung parliament declared by the BBC. In the short term I would be wary of  a slide towards 1.2675/85. 
    Over the medium run I would expect a modest rebound seeing Cable back towards 1.30 into  year end. 

    While many are suggesting the risk of a hard Brexit has dissipated it could be argued that cadre of hard brexiteers in the government could attempt to force  through their agenda. 
    Here are your top headlines at this hour:
    • The election gamble backfires. U.K. Prime Minister Theresa May falls short of a majority in a shock result that leaves Britain with the prospect of a hung parliament. 
    • Jeremy Corbyn celebrates as he leads Labour to a historic comeback, calling on the Prime Minister to resign in the wake of the results. 
    • Sterling sinks at the prospect of a hung parliament and FTSE futures fall as investors wait to see if the official count confirms the shock exit poll. 
    • And with just 10 day to go until negotiations start, the future of Brexit talks is uncertain, with JPMorgan warning likelihood of delaying the process has risen substantially. 
    Following the narrowing results of the UK General Election, James Butterfill, Head of Research & Investment Strategy at ETF Securities, examines the impact this could have on capital markets:
    The promise of  ‘strong and stable leadership’ has bred more unnecessary political uncertainty and sterling volatility. With a tough Brexit process now likely, Theresa May could lose her job or be forced into a drawn out process to agree a coalition. This, and a lack of political unity in parliament is also likely to weigh on upcoming Brexit negotiations which are due to begin in 2 weeks’ time. 
    Market worries will primarily be expressed in currencies, creating even more volatility. A hung parliament could see GBP test 1.24 against the USD, sterling already reacted quite negatively down to 1.27 – now looks to have stabilised at this level for now. Despite futures showing FTSE 100 opening down since yesterday, typically a weak pound is positive for the index due to their near 70% foreign revenue exposure. FTSE 250 is much more vulnerable to a sell off as it is much more domestically focussed, although exporters could rally on weak GBP.
    Potential rate hike in second half of the year now looks less likely. One saving grace for the UK is the Conservative gains in Scotland highlight an independence referendum now off the table, at least reducing uncertainty in one aspect.
    Britain is waking up to a shock result in the general election. UK Prime Minister Theresa May has been dealt a significant blow, as the results from the vote continue to trickle in. Early projections from British Broadcasters forecast a hung Parliament, with May's Conservatives losing their majority, and Jeremy Corbyn's Labour gaining significant ground. 
    The current tally confirms a hung parliament.
    Speaking after she won her constituency Maidenhead, Prime Minister Theresa May said it was too early to make any calls about the election result, but called for "stability."
    At this time, more than anything else, this country needs a period of stability. And if the indications has shown and this is correct that the Conservative party has won the most seats and probably the most votes then it will be incumbent on us to ensure we have that period of stability and that is exactly what we will do. 
    U.K. Prime Minister And Leader Of The Conservative Party Theresa May Reaction Following The Results Of General Election : News Photo 
    The projected result has led to members of May's own party to question her future role as Prime Minister. Labour leader Jeremy Corbyn, called for the Prime Minister's resignation, after securing his Islington North constituency with more than 40 thousand votes.
    The Prime Minister called the election because she wanted a mandate. Well the mandate she's got is lost Conservative seats, lost votes, lost support and lost confidence. I would have thought that was enough to go actually and make way for a government that will be truly representative of all of the people of this country.
     General Election 2017 - Islington North Count And Declaration : News Photo
    Citi said British Prime Minister Theresa May was likely to resign after she failed to win a majority in the election. That's according to Reuters citing a Citi note.
    A period of political uncertainty lies ahead, Citi said in a research note.

    Following what is widely regarded as a poor campaign and failure to translate a strong lead in the polls into a larger majority in the Commons, we expect May is likely to resign, Citi said, adding that a new election was possible.
    British PM May to speak at 1000 London time after failing to win a majority. That's according to Reuters citing LBC Radio.
    General Election 2017 - Comings And Goings At Conservative Party HQ : News Photo
    The prospect of a second Scottish Independence referendum has been called into question, as the election results dealt a blow to the SNP. The party's deputy leader, Angus Robertson, and former first minister, Alex Salmond, have both lost their seats to the Conservatives.
    According to the latest projections, the SNP will lose more than twenty of its 54 seats in UK parliament.
    The SNP party leader Nicola Sturgeon has seen her popularity dwindle in recent weeks, with this result seen as a backlash against her plans for a second Scottish independence referendum. Speaking overnight, she said her party was open to an alliance with the Conservatives, while criticising Theresa May for losing her gamble.
    General Election 2017 - Glasgow Count And Declaration : News Photo

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