No ‘Market Mayhem’ even as hard Brexit still likely outcome

Financial markets took the surprise failure of UK Prime Minister Theresa May to secure a Commons majority on the chin, amid a prediction the UK was still relentlessly heading toward a hard Brexit.

Sterling, which since last summer’s Brexit vote has been the main indicator for political turmoil across Europe, sunk 1.5% before rallying somewhat to under 87.7 pence against the euro.

The yield on UK government gilts were little changed, with the 10-year bond trading only slightly higher at 1.04%. The Irish 10-year bond was little changed, at 0.67%.