“It does look as though this One Nation Conservative government has been given a powerful new mandate to get Brexit done” – Boris Johnson
Boris Johnson’s Tories Win Decisive Majority in UK Election
Boris Johnson has won another term as the Prime Minister of the United Kingdom. His Tories gained 66 seats, improving from 299 seats previously to 365. In the process, the Tories secured a majority in the 650-seat UK parliament.
Their mandate is clear: finalize the UK’s exit from the European economic & political union, and to do so by the end of 2020. The current Brexit deadline is January 31, 2020.
The Pound Sterling, a bellwether of international confidence in the UK’s economy, shot up on the news of a Tory majority.
Major domestic European and Asian indices, such as in England (FTSE 100), France (CAC 40), Germany (DAX), Switzerland (Euro Stoxx 50), Japan (Nikkei 225) and China (Shanghai Composite Index) closed the week positively.
North American markets also reacted positively on the election news, with the Dow Jones, S&P 500 and Nasdaq hitting intraday all-time highs. The S&P TSX Composite closed just above the 17,000 mark.
Weekly Update – By The Numbers
|North America||Friday Close||Weekly Change||Weekly % Change||YTD % Change|
|Canada – S&P TSX Composite||17,003||6||0.04%||18.71%|
|USA – Dow Jones Industrial Average||28,135||120||0.43%||20.61%|
|USA – S&P 500||3,169||23||0.73%||26.41%|
|USA – NASDAQ||8,735||78||0.90%||31.65%|
|Gold Futures (USD)||$1,480.00||$15.00||1.02%||15.18%|
|Crude Oil Futures (USD)||$59.78||$0.71||1.20%||30.44%|
|CAD/USD Exchange Rate||$0.76||$0.01||0.69%||3.66%|
|Europe / Asia||Friday Close||Weekly Change||Weekly % Change||YTD % Change|
|MSCI World Index||2,320||24||1.05%||23.08%|
|Switzerland – Euro Stoxx 50||3,731||39||1.06%||24.33%|
|England – FTSE 100||7,353||113||1.56%||9.29%|
|France – CAC 40||5,919||47||0.80%||25.11%|
|Germany – DAX Performance Index||13,283||116||0.88%||25.80%|
|Japan – Nikkei 225||24,023||669||2.86%||20.02%|
|China – Shanghai Composite Index||2,968||56||1.92%||19.01%|
|CAD/EURO Exchange Rate||€ 0.68||€ 0.00||0.09%||6.40%|
|Fixed Income||Friday Close||Weekly Change||Weekly % Change||YTD % Change|
|10-Year Bond Yield (in %)||1.819||-0.023||-1.25%||-32.38%|
Sources: theguardian.com, irishtimes.com, Yahoo Finance, Advisor.ca
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