Sterling slides after Conservatives lose parliamentary majority

Dubai

US stocks rose slightly, as did the dollar, but the British pound tumbled as the UK's ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start. Crude edged lower and the dollar strengthened.

Sterling dropped the most in eight months as the election intended to strengthen Prime Minister Theresa May's hand in negotiations with the European Union instead left her battling to survive. The currency's retreat gave the British benchmark stock index a boost, but the election's impact beyond the UK was muted. The euro extended losses to three days, and the Stoxx Europe 600 Index fluctuated. Fears of a supply glut continue to weigh on oil.