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General Election Result: Stock Market Reaction

9 June 2017

James S. Andrews, Head of Investment Management, comments on the stock market reaction to the General Election result.

“Once again Britain returns to political uncertainty, and it looks like Brexit 2.0 as the pound falls and the FTSE 100 opens up over 30 points led by the big multinational overseas earners. Meanwhile the UK-focussed banks are falling, Lloyds down over 3 per cent at the time of writing, and the more domestically-focussed FTSE 250 is also down over 80 points (c.0.4 per cent) at the open. If we continue to see this downward momentum in the Pound for the rest of the day then we may well see the FTSE 100 close at a new record high.

“The further fall in the Pound will see continued upward momentum for inflation as the cost of imports continues to rise in Pound terms. The UK consumer is likely to feel a further squeeze as the uncertainty is unlikely to translate into wage growth.

“Looking forward, this calls into question the scheduled start date of 19th June for Brexit negotiations to begin in earnest as the government (whatever that looks like) will find it difficult to been unified in their approach. A messy Brexit has seemingly just got messier.

“The focus for us as investment managers has to remain on company and asset class fundamentals, bottom-up investing, given the bigger picture is so clouded currently.  Unlike Theresa, we do remain “Strong and Stable” in our management of client’s assets despite the ever more uncertain world we seem to occupy these days.”

Author: James S Andrews MBA Chartered FCSI

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