![Pound climbs after Labour election win](https://www.portugalcolonial.pt/media/shared/articles/06/2b/60/Pound-climbs-after-Labour-election--772004.jpg)
-
Russia denies jailed campaigner Orlov's plea for freedom
-
Bangladesh charges 26 for destruction of vast mangrove forest
-
EU accepts Apple plan to open iPhone tap-to-pay to rivals
-
Oil demand growth slowing, China consumption dips: IEA
-
South Korea names K-pop group NewJeans as tourism ambassadors
-
French left blasts Macron, demands keys to govt
-
King Charles III urges England team to spare fans Euro 2024 'drama'
-
Bosnian Muslims commemorate Srebrenica genocide
-
Cocoa price surge eats into Barry Callebaut sales volumes
-
Commercial goods trucked into Gaza after aid logjams
-
Warholm and Ingebrigtsen headline Monaco Diamond League meeting
-
Grease, sweat and tears for Turkey's Ottoman oil wrestlers
-
Romania faces down Vuitton for 'stealing' its beloved blouse
-
Power and glory as Rybakina eyes Wimbledon final
-
In the heart of Mauritania's desert, a green oasis cultivates equality
-
Ukraine relies on friends as Russia strikes power grid
-
The pacifist politician hoping to change Russia
-
Gatland demands more disciplined Wales in second Australia Test
-
Colombia defeat Uruguay to reach Copa America final
-
Embattled Biden to give high-stakes press conference
-
Zelensky to take center stage as NATO summit also looks to Asia
-
England's Baxter, 22, to start in front row against All Blacks
-
China building more wind, solar capacity than rest of world combined: report
-
Lorenzo hails Colombia's bravery in Copa semi triumph
-
Asian markets track Wall St records after Powell hints at rate cut
-
The two candidates challenging Kagame again
-
Fiji count on 'commanding' Tuwai to bring home third Olympic gold
-
Nunez, Uruguay players brawl in stands with fans after Copa loss
-
Ghost Cyprus resort bears scars of half-century of division
-
Slipper to captain Australia against Wales after Wright ruled out
-
Water shortages worsen as funding dries up for northwest Syria displaced
-
Colombia defeat Uruguay 1-0 to reach Copa America final
-
Canada conservationists push back as grizzly hunting ban lifted
-
AI accessibility? Blind gamer puts ChatGPT to the test
-
Paris dream of swimming in the Seine part of its Olympics vision
-
Brazil's vaunted Academy seeks to shed image as white men's club
-
Paul Kagame: Rwanda's polarising strongman
-
Rwanda heads to the polls as Kagame makes fourth-term bid
-
Christie is only All Blacks change for second England Test
-
Argentine woman raped, beaten by French rugby players: lawyer
-
F-16s will boost Ukraine defenses, but not a 'silver bullet'
-
French rugby players' alleged rape victim suffered 'fierce' violence: lawyer
-
Wales' Wainwright, Hathaway ruled out of second Australia Test
-
Biden hails 'best of allies' in first talks with UK's Starmer
-
Archegos founder Bill Hwang guilty in multibillion-dollar fraud case
-
Biden congratulates Starmer on historic win - at Euro 2024
-
Southgate takes pride at 'modern England' reaching Euros final
-
Understated Mainoo vital as England reach Euro 2024 final
-
US coach Berhalter fired after Copa flop - report
-
Euro 2024 exit hard to take for Dutch coach Koeman
![Pound climbs after Labour election win](https://www.portugalcolonial.pt/media/shared/articles/06/2b/60/Pound-climbs-after-Labour-election--772004.jpg)
Pound climbs after Labour election win
The pound advanced Friday after Britain's centre-left Labour Party clinched an expected landslide election victory to end 14 years of right-wing Conservative rule.
London's benchmark FTSE 100 index gave up early gains following news that Keir Starmer will become Britain's new prime minister after Labour trounced Rishi Sunak's Conservatives as Wall Street opened flat following stronger-than-expected data on the US jobs market.
Labour's widely-forecast triumph has sparked investor hope of economic stability amid easing inflation, although Starmer faces tough challenges in the form of strained public finances, a stretched state health service and flagging economic growth.
Frankfurt and Paris stocks climbed Friday with eurozone investors on tenterhooks before France's crucial legislative vote this weekend.
Kathleen Brooks, research director at trading firm XTB, said that once Labour takes power "focus will quickly shift to political issues elsewhere."
"The second round of French elections take place on Sunday. Financial markets in France are calm ahead of the vote," she added.
In France, tactical voting efforts to block the far-right from taking over the government have partly bolstered eurozone markets.
But analysts remain wary that the second-biggest economy in the European Union could be headed for a period of political deadlock if there is no overall winner on Sunday.
"After some of the left and centrist candidates pulled out from the elections, the most likely scenario is a hung parliament," noted research consultancy Oxford Economics.
"France will likely enter a period of uncertainty. This would result in policy paralysis, delaying fiscal consolidation and preventing any meaningful reforms until the next presidential election."
- US jobs data -
Investor sentiment had been given a boost Thursday as softer US labour market data gave the Federal Reserve room to cut interest rates.
Data out Friday showed US job gains eased slightly in June while unemployment edged up, government data showed, in the latest sign that the world's biggest economy is cooling as policymakers hope.
The country added 206,000 jobs last month, said the Labor Department, marking a slower pace of hiring than May's revised 218,000 figure.
But the gains still beat a Briefing.com consensus estimate of 185,000, signalling that the labour market remains relatively resilient.
Wall Street opened relatively flat, with trading activity fairly low as many investors make a long weekend after markets were closed Thursday for the July 4 Independence Day holiday in the United States.
Briefing.com analyst Patrick O'Hare said, "The key takeaway from the report is that labour market conditions are softening, which will provide the Fed some cover to cut rates in September if it so chooses."
He noted market expectations of a rate cut in September rose slightly, while bond yields cooled.
Asian stock markets closed mostly lower Friday, a day after Tokyo's indexes hit record highs.
The yen recovered further against the dollar after this week striking the lowest level in nearly four decades.
- Key figures around 1330 GMT -
New York - Dow: DOWN 0.1 percent at 39,264.20 points
New York - S&P 500: FLAT at 5,538.88
New York - Nasdaq Composite: UP 0.1 percent at 18,210.93
London - FTSE 100: DOWN less than 0.1 percent at 8,234.48
Paris - CAC 40: UP 0.2 percent at 7,713.14
Frankfurt - DAX: UP 0.7 percent at 18,581.92
EURO STOXX 50: UP 0.3 percent at 5,004.01
Tokyo - Nikkei 225: FLAT percent at 40,912.37 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 17,799.61 (close)
Shanghai - Composite: DOWN 0.3 percent at 2,949.93 (close)
Pound/dollar: UP at $1.2808 from $1.2765 on Thursday
Euro/pound: DOWN at 84.56 pence from 84.69 pence
Euro/dollar: UP at $1.0829 from $1.0813
Dollar/yen: DOWN at 160.92 yen from 161.16 yen
West Texas Intermediate: FLAT at $83.88 per barrel
Brent North Sea Crude: DOWN 0.1 percent at $87.38 per barrel
burs-rl/giv
X.Brito--PC