A big day for markets as they digest election analysis and also the testimony given by former FBI Director, James Comey.

A real shock is in store for markets as exit polls have shown that UK PM Theresa May, looks like losing her majority government. The most likely outcome now is a minority government. There is now even an outside chance that the opposition party could pull off a stunning upset. The one option that appears to be off the table now is a majority government under Theresa May. May originally set out to strengthen her majority, but this has backfired spectacularly.  As a result of the exit poll, we saw a sharp sell off of the pound, where it dropped two cents shortly after the exit poll came out. With the count continuing, it is likely that markets will be more sensitive to election news as it breaks.

The other major talking point is the testimony given by former FBI Director, James Comey. His testimony was always going to cause controversy and both sides have taken his testimony as vindication for their position on Donald Trump’s possible collusion with Russia and obstruction of justice. This investigation still has a long way to run, with classified information still to be released in a secure setting by Comey, while the special prosecutor appointed still needs to complete his investigation. Expect plenty of twists and turns before this comes to a close.

As far as announcements go, there is still a fair bit of data set for release. This includes:

Europe – German Trade Balance, French Gov Budget Balance, French Industrial Production and Italian Quarterly Unemployment Rate

UK – Manufacturing Production, Goods Trade Balance, Construction Output, Consumer Inflation Expectations, Industrial Production, NIESR GDP Estimate