Global Stocks Slide As Iron Ore Crashes; Pound Jumps After UK Calls Snap Elections

Tuesday, April 18, 2017
By Paul Martin

by Tyler Durden
Apr 18, 2017

European stocks slide as traders returned from a 4-day Easter holidays, Asian equities likewise drop pressured by the ongoing rout in iron ore, while U.S. stock-index futures point to a lower open. British markets were roiled after U.K. Prime Minister Theresa May said she would seek an early election on June 8, in a move aimed at strengthening her hand going into Brexit talks; the FTSE 100 dropped 1.3%, on the news, hitting the lowest since Feb. 24 while 10Y Gilts dropped below 1% for the first time since October.

The British pound first tumbled then surged on the news. Tracking today’s surprise announcement by the UK PM, sterling swung from gain to loss and back again versus the dollar before May set the vote for June 8. U.K. stocks fell by the most since January. The export-heavy FTSE 100 hits a seven-week low. The broader, more domestically focused FTSE 250, however, doesn’t see this as much of a negative:

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