British pound declines on election fears

British pound declines on election fears

On Thursday, the British pound retreated, following concerns that Britain’s Prime Minister Theresa May could lose control of the country’s parliament in June 8 election. Meanwhile, conflicting signals on the health of Chinese manufacturing sector drew attention of most Asian stock markets.

Britain’s currency retreated 0.1%, hitting $1.2877 after a YouGov survey disclosed May could be short of the number of seats required to form a government, thus increasing the probability of political turmoil as formal Brexit talks burst out.

Outside Japan, MSCI's broadest index of Asia-Pacific stocks stood still after four sessions of losses. It’s because market participants derived profits after stocks reached a two-year peak the previous week and as economic as well as geopolitical worries kept weighing on sentiment.

Besides this, Chinese shares SSEC went down 0.4% after a private survey disclosed the country's manufacturing activity dipped in May for the first time in 11 months. It definitely contrasts with official reports on Wednesday, suggesting surge was still steady.

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