Some British stocks were bearing the brunt of a catastrophe for Prime Minister Theresa May Friday, with the domestic FTSE 250 index running a watered down replay of last year's Brexit referendum.
Real estate investment trusts were in the red across the board, alongside house builders and construction materials merchants, while bank stocks were also nursing noteworthy losses.
Banks RBS (RBS) and Lloyds Banking Group (LYG) were down 4.1% and 3.3% respectively. House builders Crest Nicholson (CRTHF) , Berkeley Group and Bovis Homes (BVHMF) all shed more than 3%. Materials merchants Travis Perkins (TVPKF) , Howden Joinery (HWDJF) and Marshalls were also off by more than 3%.
The FTSE 250 dropped 0.63% to 19,618 on a morning when the internationally diversified FTSE 100 rose 0.90% to 7,515.
The U.K. election resulted in a hung parliament Friday morning with voters shunning Theresa May's offer of "strong and stable leadership" in return for a strong majority to take into Brexit negotiations in Brussels.
May's Conservatives won 314 seats when they needed 326 for an outright majority. The opposition Labour Party won 261 seats. The most likely outcome at present looks to be a coalition between the Conservatives and Northern Ireland's DUP, which would hold a total of 324 seats.
A hung parliament poses a risk to the timetable of the Britain's exit from the EU and consequently, brings the prospect of an exit on World Trade Organization terms into view.
An insufficiently strong majority will it more difficult for the government to push through a final Brexit deal, if pro-European MPs or pro-Brexit MPs reject it, and thus heightens the possibility that another election might be required.
The U.K. has two years to agree an exit deal with the Brussels or it will automatically leave the EU on WTO terms.
After a monster run in its stock on the heels of a bullish investor day, Alibaba (BABA) founder Jack Ma saw his net wealth rise $8.5 billion to $41.8 billion. He is Asia's richest man, according to the Bloomberg Billionaires Index.
Apple (AAPL) CEO Tim Cook will deliver the commencement address at the Massachusetts Institute of Technology on Friday. He has big shoes to fill after a well-received speech by Facebook (FB) founder Mark Zuckerberg at his alma mater Haravrd.
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