By Chris Becker
Last night market action was headlined by the UK general election, where it looks like the Tories have re-gained office, according to exit polls, which sent the pound surging by more than 1% against the USD and the crosses. A big surprise in revenue from Alibaba helped US tech stocks (plus the usual BTFD buying) with initial jobless claims not doing bad either.
Recapping Asia, where it was a sea of red with the Shanghai Composite losing nearly 3%, taking its loss at around 10% from the peak after breaking the daily trendline. At 4110 points it is slowly approaching former resistance, now support at the 4000 level which could be the clincher.