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British Pound, European Stocks Surge Ahead Of UK Election Results; Bitcoin Plummets: What's Driving Markets Thursday?

With U.S. markets closed for Independence Day, European stocks and currencies rose on Thursday, showing no signs of risk aversion despite the ongoing UK legislative elections. The Labour Party is expected to achieve a landslide victory, ending 14 consecutive years of Conservative (or Tories) leadership. Heading to the elections, the Labour Party led by about 20 percentage points against Tories. Polls will close at 5:00 p.m. ET on Thursday, with results expected later tonight. UK Stocks And Sterling Ipek Ozkardeskaya, an analyst at Swissquote Bank Ltd, outlined two likely scenarios: a strong Labour majority with 150 seats — nearly double Boris Johnson‘s 80-seat majority in 2019 — or a super majority with 250 seats. Both outcomes would enable Labour to enact significant reforms in the UK. “Even investors want to see Labour take over the reins this time,” she remarked. Analysts perceive a Labour victory as positive for UK stocks ...