The pound rallied against a host of its major counterparts this morning as the initial UK election results suggest David Cameron will remain as prime minister.
The FTSE 100 opened higher in London, as investors welcomed the end of election uncertainty. Analysts said sterling jumped because the projected result meant the government's agenda was likely to stay consistent.
However, analysts said the rise could be short-lived as uncertainty over a possible "Brexit" or Britain leaving the European Union affects trading, with a referendum on the UK's EU membership now likely.
Fewer Americans than forecast filed applications for unemployment benefits last week, dropping the average over the past month to the lowest in 15 years, indicating companies are holding on to workers. The slowdown of applications for unemployment benefits shows demand remains strong enough for employers to maintain staffing levels. A report Friday may answer the question of whether they also need to continue beefing up headcounts after the economy slowed in the first quarter.
Federal Reserve Chair Janet Yellen and her colleagues are keeping an eye on the Jobs market as they consider the appropriate time to raise their benchmark interest rate from near zero.
A Greek government spokesman said yesterday that they will stick to its "red-line" promises and not make concessions in its negotiations with creditors. Gabriel Sakellaridis said at a press conference in Athens that labour and pension issues are non-negotiable. Talks with the International Monetary Fund (IMF) and the European Union (EU) will continue over the weekend.
Creditors have demanded cuts in spending, including plans to trim the civil service and privatisation of state assets, in order for Greece to continue receiving loans. Some creditors, notably Germany, are losing patience with what they see as Greece's profligacy. But in France, finance minister, Michael Sapin, was more reassuring, saying Greece's talks with its international creditors were heading in the right direction. Greece is due to make its next repayment - of €763m (£566m), one of its biggest - to the IMF on Tuesday.
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