Pound soars and stocks surge after Tory victory
But Johnson's triumph could spell the break-up of the union that held England, Wales, Scotland and Northern Ireland
London
STERLING and domestic UK shares soared in the immediate aftermath of the Conservative's victory and exceeded expectations by a wide margin.
The currency hit a daily height of US$1.35, up almost 5 per cent on the previous day, but after profit taking fell back to US$1.33. Nevertheless, the currency is still 10.8 per cent higher than its August 2019 low of just under US$1.20. Sterling was also substantially higher against the euro and Singapore dollar.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
WHO warns of bird flu risk spreading to cows outside US
Sri Lanka’s key inflation rate rises to 1.5% in April
Eurozone economy rebounds in first quarter, inflation stable in April
The Fed’s quantitative easing programme has cost too much
German economy skirts recession, helped by construction and exports
Taiwan economy grows at fastest pace since 2021 on chip boom