FT Alphaville » Election Night on AV transcript 7 May 2010

Share Print

Election Night on AV transcript 7 May 2010

Posted by Paul Murphy on May 07 00:32.

Markets Live chat transcript for the chat ending at 01:07 on 7 May 2010. Participants in this chat were: Paul Murphy Neil Hume, FT

Hi there

Here we are

Welcome

This is Election Night Live on FT Allphaville

Neil Hume is with me

Hello

Can’t believe I am doing this

For new readers – or non-financial types

just woken up after two hours sleep

Should explain that Neil hosts a daily markets live session with Bryce Elder each day here at 11am

Daily kick stocks around

but this is an ELECTION special

Neil is in London

I’m in Hertfordshire actually

Near London

I’m in New York

We’ve got some competition online

What like the BBC

Goldman have a web cast going on at the moment I think.

Cant get on it – do have the login

no i dont

Here’s the link for those on speaking terms with the Squid

https://360.gs.com/gs/portal/home/?action=action.doc&d=9020838&usage=webcast

Of course Neil and I are clueless on politics.

So if you want proper analysis go here

http://blogs.ft.com/westminster/2010/05/election-night-live-blog-polls-closing-shortly-counting-to-begin/

That’s the Westminster blog

Jim pickard and Alex barker – regular Westminster bloggrs — and also Kiran Stacey and Helen Warrell

12:37AM

Who else is joining us?

Joseph says he was going to try

Stacy’s couldn’t do it

family stuff

Izy?

Not sure

Tracy should be up though

lets see whether she joins us

Tracy is in Tokyo currently

swanning around

Anyway – timing works for me

just fine

7.37 here in NY

way past my bedtime here in the UK

Have I got powder on my face?

Oh, The Green’s have one a sleep

sorry seat

i’m verfy tired

You can’t say that on here.

Murphy come on

Reference to powder above

Er, stimulants

You mentioned in the election live promo that we’d have taken stimulants – to do that late night session.

I was talking about make-up powder.

On my face. After a tv thing earlier.

I meant to type that into a skype box.

Wrong box

er lets get on

12:41AM

what are we talking abotu — the market tanking or the election?

both

but as we have only had the exit poll

and four results at the moment

I guess we should reflect on this evening’s mayhem on Wall Street

are we any cleared what went on?

Not really

Here’s the exit poll

The BBC/Sky/ITV News exit poll has been revised. The outcome remains the same – hung parliament, Tories the largest party – but the figures are now: Conservatives 305, Labour 255, Lib Dems 61 and others 29.

But you’ll all know that.

What we are waiting for is some gilt-edged prices

Gilt market supposed to open for special session at 1pm.

We thought that was a bit of a stunt earlier – but circumstances have changed someone.

Got any price updates?

Yes

sterling

first

cable is trading at $1.4905 at the moment

and a euro things buys 0.849p

(hi bryce)

also

a FTSE future

Cable has bounced off the bottom a tad

FTSE future down 234 at 5,094

not sure that is updating

tomorrow’s gonna be fun

yes

all round

indeed

Shall we nip thru the Wall Street events?

yes

12:45AM

Dow crashed by 1000 points – biggest intra-day collapse ever

In point terms. Remember 87 was a 20% fall.

I should add that it is not yet clear what happened.

Basic run of events is this

The chaos we saw on European markets earlier on Thursday

Euro crapping out

More heavy heavy selling

Just about all bank and euro sovs CDS going wide wwide wide

Well, all that started to infect Wall St in a big big way as London was closing up shop.

Suddenly the Dow was down 250 points – well over 2%

Then suddenly it was off 500 points and everyone was going potty.

Then we had this wacky wacky move in Proctor & Gamble.

yes

P&G folded.

all the way down to $39

they started the session at $62

Cue: real chaos.

Suddenly the Dow was below 10k – all hell is breaking lose.

No one knew what had happened

Prices bounce – sharply.

But there’s still huge damage done.

what are the latest theories?

A bungled index trade – supposedly by Citi – triggered a whole load of other black boxes

and HFT cowboys and suddenly stocks started going to ZERO over on Nasdaq.

what ZERO

But Citi have denied that categorically.

So its turned into a big Nasdaq investigation

It was a Fat Foot trade

Actually it is now being referred to as the “Flash Crash”

Machines took over

Now what is happening tonight here is that Nasdaq seem to be striking out trades that appear out of kilter with the market.

Anything 60% away from the market 2.40 to 3pm NY time is being struck out.

BXPursuant to rule 11890(b), NASDAQ, on its own motion, will cancel
all trades executed between 14:40:00 and 15:00:00 greater than or less
than 60% away from the consolidated last print in that security at
14:40:00 or immediately prior. This decision cannot be appealed.
NASDAQ has coordinated this decision with all other UTP Exchanges.
NASDAQ will be canceling trades on the participant’s behalf. The
stocks affected and the break points will be disseminated shortly.

hmm

does look like they are taking the blame

jsut not clear yet

Nikkei Futures were down 5.3% earlier – Flash crash will prove to be the wrong label – is suspect

really difficult to call how the US will open tomorrow

Any prediction s over on the right

Too many comments to read properly

er, no I leave that to the RORT

Im ML un-fit

yes you are

but this is really interesting

too many things to read at once, while typing

Here’s a funny take on it all

The reformed broker – well worth following

http://www.thereformedbroker.com/2010/05/06/there-had-to-be-a-second-trader-on-the-grassy-knoll-perhaps/

Here are some of my initial reactions to what it all might mean…
1. For starters, let’s all keep in mind that these things don’t happen in a healthy tape. The jitters from Greek rioting and possible contagion were the necessary preconditions for a crash like that.
2. The “Fat Finger” thing is nonsense. Maybe someone made a sizable error, but one cannot deny the fact that the algo-driven tradebots poured gasoline on the fire. The machines were triggering stops and wrecking everything in sight before human beings with qualitative senses could get a handle on what was happening. Congress is planning the hearings as we speak.
3. For me to enter a sell order for a retail brokerage client of 500 shares of Microsoft ($MSFT), I need to go through 3 screens of verification and order confirmation. How is it possible that someone with the clearance to sell 16 billion shares of the S&P Spider could even have a typo? If I have 3 screens to confirm a trade, how much order verification does he have?
4. Look at your keyboard…the “M” for million is not even next to the “B” for billion. There’s an “N” in between the two keys. Dude, how fat is your finger?
5. If you were intentionally trying to chase the last of the individual investors from this market you couldn’t have written a better script than “accidental trade vaporizes trillions in value from US stocks”. People are just disgusted already.
6. Cramer was so money today. Whatever you think about him in general, he’s the guy that came on CNBC down 1000 and told you that these were fake quotes, to go buy Proctor & Gamble ($PG) down 20 points. He was cool, calm and perfect in that slot.
7. We still don’t know whether or not any of the trades from that session will be unwound by broker/dealers. There were a ton of stop loss orders hit and people missed fills entirely in many cases. We should hear about that soon. Let the bickering begin!
8. Anyone who told you he bought down 1000 is lying to you. Bids were raised off those levels in seconds.

12:54AM

back to the election

a few results coming through now

Lib Dems just won something

So, Labour 5, KLib dems 1, Tories nil

Peter Robinson, Northern Ireland’s first minister, has lost his seat, Belfast East.

Big developing story of course is ballotboxgate

Ballotgate

Loads of people locked out of polling statinos

couldnt register their vote

V british scandal

Turnout higher than expected

well my polling station was packed

queues out the door

never seen that before

really?

yep

Twitter is alive iwth it — lots pics also

Oh this is good

Mandelson has just refused to rule out Brown’s head as the price for a Lib-Lab coalition. “They’d have to express that view in the first place and they haven’t,” he said.

that’s from the Westminster blog

hang on

Paul picking up rumours that the fat foot trader has been named

think they are false those

Was hearing earlier that London traders were being called back to their offices tonight in Londn

hear that also?

Yes to a certain megabank

to try and help repair the damage

$1bn of losses apparently

not confirmed though

Hi Chris

From the FT news desk

Chris Adams is one of our news editors

Noting that David Oakley is on the ICAP trading floor tonight

reporting live

which reminds me

it is 1.00am

time for gilt prices

good idea

right

just logging into Reuters

here we go

these will all be gilt futures

1:01AM

So June short gilt is trading at 107/53

yikes

that looks to be down a tad

not much – 0ff 0.04%

doesn’t appear to be any business

(tory gain?)

Kingswood

Long gilt for June we are looking at 117.65 on that

up 0.5%

also short sterling

(9.4% swing)

is 99.130

unchanged

as for the FTSE 100 future

that’s down 250 points at 5,084

and finally sterling

cable is $1.4879

and a euro things almost buys 0.85p

I’d forgotten how much dear Robert P stirs things up over on the right

Note tax losses on the exit poll being nobbled

yes the ROTR

don’t like Pestoo

at all

anyway

these swings 9% to the Cons

is that enough for a win?

or is that hung parliament territory

I think it would be straight majority — if continues that way

hang on update from the Westminster blog

on Ed Balls

Michael Robb at Betfair tells me that around £2.5m has been traded since polls opened this morning. There’ll be plenty more panic betting as the rumours swirl. One interesting development: the money seems to be going back on Ed Balls in Morley after a bit of a wobble earlier this evening. He’s 4/9 to win.

1:09AM

Statement from SEC and CFTC

“The SEC and CFTC are working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place briefly this afternoon. We are also working with the exchanges to take appropriate steps to protect investors pursuant to market rules.

“We will make public the findings of our review along with recommendations for appropriate action.”

Apologies, i meant to say non-statement

they are as clueless as the rest of us

Lib Dems hold Torbay

1:11AM

shall we put a bit of reserach up?

here’s from barcap earlier

Simon Hayes at barcap

The exit poll conducted by Mori/NOP for the BBC, ITV News and Sky suggests that no single party has achieved an outright majority in today’s general election. The poll puts the Conservatives as the largest single party with 307 seats, 19 short of an outright majority. Labour are predicted to have 255 seats, and the Liberal Democrats 59 seats (three fewer than previously). According to the BBC’s Chief Political Correspondent, the Conservatives’ position could see them govern effectively as a minority government. However, the UK’s first past the post electoral system makes it somewhat hazardous to read across from national poll results to the actual outcome, and there remains a great deal of uncertainty about the make-up of the next government. The unexpectedly poor showing of the Lib Dems in this poll has led some commentators to express scepticism about its accuracy.

The emergence of a minority government would leave some residual uncertainty about the outlook for economic policy as the passage of any necessary legislation may be more difficult to navigate than if the government had an outright majority. As such, this outcome seems likely to lead to some volatility in asset prices unless and until the ability of the new government to operate effectively is established.

If confidence in a Conservative or Conservative led administration were forthcoming, however, we would expect it to lead in time to a rise in bond prices, equity prices and sterling for several reasons. First, the Conservatives’ plan to front-load public spending cuts may prompt the Bank of England to keep the policy rate low for longer – although this expectation is already substantially factored in to the short sterling strip. Second, the Conservatives made a manifesto pledge to safeguard the UK’s triple-A credit rating, so the risk premium on sterling assets is likely to fall. Lastly, the Conservatives’ plans on taxes (lower National Insurance and corporation tax) may be seen as more supportive of profits than those of the other main parties.

The Conservatives have committed to producing an “emergency” Budget within the next 50 days. To recapitulate, the Conservatives’ main manifesto commitments on the economy were as follows:

To deliver deficit cuts with a ratio of spending cuts to tax rises of 4:1
To cut a net £6bn of additional departmental spending in the current financial year
To freeze public sector pay for one year in 2011

To investigate the bringing forward of the date at which the state pension age starts to rise
To remove tax credits for families with incomes over £50,000
To cut government contributions to Child Trust Funds
To cap public sector pensions
To cut Ministers’ pay by 5%, followed by a 5-year pay freeze
Health, overseas aid and defence will be shielded from cuts in the current financial year
To increase the threshold for next April’s rise in National Insurance Contributions to £35,000 from £20,000
To cut the headline corporation tax rate to 25p and the small companies’ rate to 20p, funded by cutting various reliefs and allowances
To increase the inheritance tax threshold to £1mn, paid for by a flat-rate levy on non-domiciled individuals
To retain the 2% inflation target
To abolish the Financial Services Authority and transfer responsibility for banking supervision to the Bank of England
To introduce a levy on banks, unilaterally if international agreement is not forthcoming

To set up an Office for Budget Responsibility to oversee public finance projections
Although the Conservatives’ manifesto pledge on cutting the deficit was vague (to eliminate “the bulk of the structural current budget deficit over a parliament”), piecing together various comments by the party the Institute for Fiscal Studies estimates that the Conservatives plan to cut borrowing by 8.3% of GDP over the next five years. This is 0.5% of GDP larger than the plans set out in Budget 2010, and comprises tax increases of 1.8% of GDP and spending cuts of 6.5% of GDP. The Conservatives’ plans to cut in spending on public services – equivalent to a reduction of 1.9% per year in real terms for five years – has no precedent in UK post-war history.

that looks fun for you lot in Britain

hehe

it does

Austerity, man

1:13AM

We’re getting a few asian prices thru now

Got any of them Neil??

we are

here we go

Australian shares fell 3.2 percent on Friday to an eight-month low, following heavy losses on Wall Street as investors panicked about a spread of Greece’s sovereign debt woes to other euro zone nations. U.S. stocks plunged 9 percent in the last two hours of trading before clawing back some of the losses as a suspected trading glitch and fears of a new credit crunch in Europe threw markets into disarray. The Nasdaq Stock Market and others said they would cancel multiple erroneous trades. See [ID:.N] The benchmark S&P/ASX 200 index <.AXJO> fell 145.7 points to 4,427.5 at 0010 GMT, the fifth straight day of declines. New Zealand’s benchmark NZX 50 index <.NZ50> fell 1.6 percent to 3,166.6.

07May10 RTRS-NIKKEI <.N225> FALLS BELOW 200-DAY MOVING AVERAGE AT 10,312

Hmm — not back of a bounce back there

Japan’s Nikkei average fell more than 3 percent to a two-month low on Friday, dragged down by exporters such as TDK Corp <6762.T> after U.S. stocks plunged as much as 9 percent as a wave of selling triggered by Europe’s debt crisis gathered speed. U.S. stock exchange officials were investigating whether erroneous trades caused a sudden slump in share prices that wiped nearly $1 trillion off U.S. equity values at the peak of the sell-off before prices clawed back some of their losses. [ID:nN06234011] [ID:nN06139251] The benchmark Nikkei <.N225> fell 3.5 percent or 370.80 points to 10,324.89, while the broader Topix <.TOPX> shed 3.2 percent to 926.08.

so no real bounce back yet

FTSE 110 future off 172 points at 5,091

that has rallied a bit

still down 3.2%

and these gilt prices really aren’t moving

RTRS-FUTURES INDICATE BRITAIN’S FTSE 100 <.FTSE> TO OPEN 4.8 PCT LOWER AT 5078.5, TRACKING GLOBAL SELL-OFF01:08 07May10 RTRS-UK JUNE GILT FUTURE JUMPS MORE THAN HALF POINT AT OPEN, HITS CONTRACT HIGH ABOVE 118.00

cheers for those

hang on

the 10-year Uk gilt

the yield is down to 3.713%

that’s clearly not trading on the election

but on fear

flight to safety

hmm

euro is $1.26 against the dollar

risk free rate no longer risk free remembers

sterling update?

1.4923

sto that’s holding steady

and a euro things buys 0.844p

drachmark

euro been renamed

GBK=DRMK

10 year UK gilt 0.884 stronger

very strong bid in that

but that’s fear

it must be

surely that’s not a bet on a tory majority

and at the same time

the GBK is falling

again I would say that’s a flight to quality

now below $1.49

1:23AM

Warning to the ROTR

Please dont start libeling people

we don’t want to wear your legal risk

some reaction from the Westmister blog

The zapper is to hand…

latest from Pickaxe et al?

Kingswood is an important win for the Tories, with a 9.4 per cent swing. This will be very heartwarming for David Cameron. The Conservatives also looking well set for Basildon South.

Jim Pickaxe

and some more

from Gordo’s seat

Here Downing Street aides to Brown are stating quite clearly that Brown is keen to form a coalition government with the LibDems, and that his speech will call for a “strong, stable and principled government” to signal this. Press pack getting very excited. Result due in five.

and also this

Paddy Ashdown joins the increasing number of people predicting a slender Tory majority.

So Paddy is going for a small Tory majority

that should help sterling

1:26AM

His nyt on the business media’s struggle to cover the Flash crash

http://mediadecoder.blogs.nytimes.com/2010/05/06/on-a-dramatic-afternoon-for-dow-a-scramble-to-cover-the-story/

ace seemed to overwhelm both mechanical and human systems.

v true

I can tell , was rather stressed situ in the NY newsroom here

right, the view on Twitter seems to be that the Tories will win a slim majority now

all on the back of the Kingswood vote

seemingly

sterling weaker though against cable

$1.4894

10-year gilt up a full point

yield is now down to 3.687%

wow

a big move

UK equity futures tumbled and gilt futures soared on Friday after heavy falls in U.S. equities overshadowed early signs Britain’s opposition Conservatives would emerge as the largest party but fail to win an overall majority. Investors are still awaiting final results from the most unpredictable UK election in decades, with an exit poll making the opposition Conservatives winning 307 seats, short of the 326 needed for a majority. By 0009 GMT Futures on Britain’s FTSE 100 were down 4.5 percent, while financial bookmakers preditcted the FTSE 100 <.FTSE> would open around 160 points or around 3 percent lower. “The irony is that the UK election is taking a back seat to contagion worries at the moment,” said Andrew Roberts, head of European rates strategy at RBS. “We have seen a muted reaction in sterling. It seems that markets are reacting more to the weakness in U.S. equities than anything else.” U.S. stocks plunged as much as 9 percent in late trade on Thursday before clawing back some of the losses as the escalating debt crisis in Europe stoked fears a new credit crunch was in the making

The June gilt future surged more than half a point in the first few minutes of trade, hitting a contract high of 118.00, up from 117.28 at Thursday’s close. Gilt and equity futures were open for a specially extended trading session to allow investors to react to the election results. The pound made modest gains against the dollar and the euro . An outright win for the Conservative party, seen as the most willing to sharply cut public spending to tackle Britain’s record deficit, would be welcomed by many investors.

ftse future is down 176 at 5087

Note Praxison cancelled trades

286 nasdaq stocks

1:32AM

David Blunkett is the first Labou big beast to say they will lose

It’s quite likely that the Conservatives will make it to a majority… My instinct is that regrettably we have lost the election… We need to minimise the damage that the Conservatives will to do our economy…. that should be our [Labour's] primary task as a party in coalition or not.

that’s from the Westminster blog

he BBC has gone to Kirkcaldy

where the vote on Gordo is coming in

He’s won!

he looks happy

probably relief

it’s almost over

He has something to say…

majority up by 5k votes

just listening to Gordo

1:35AM

Right

While we are doing that I will ntoe Mudcrabs ref to that bloomie piece

not sure how much more of this i can do

been over and hour now

NYSE boss talking about computerising trades producing a market rout

with a mobile clamped to my ear to Paul in NY

Ah Neil — you are fine

but the comments

i’m so impressed

thanks for logging on everyone

really, really impressive

re the market meltdown tho — this will be the big big theme over coming days — get the algos, hfts, etc

euro about to break $1.26

is it?

drachmark

and here is the official T-shirt of the day

that will be known as 5/6

http://twitpic.com/1lmsvp

Gordo still talking

someone tell him the polls are closed

(Seeya Lorcan! Thanks for joining)

Can I go to bed too

I have another ML to do

No neil

and a column to write

can I get a drink then

of course

a Horlicks would be nice

no hard stuff here

Ive got an election party to go to

you missed yours

orry about that

With Mr Spencer

1:40AM

More market reaction from Asia

Japan’s Nikkei average fell more than 4 percent to a two-month low on Friday, dragged down by exporters such as Canon Inc <7751.T> after U.S. stocks plunged as much as 9 percent as a wave of selling triggered by Europe’s debt crisis gathered speed. U.S. stock exchange officials were investigating whether erroneous trades caused a sudden slump in share prices that wiped nearly $1 trillion off U.S. equity values at the peak of the sell-off before prices clawed back some of their losses. [ID:nN06234011] [ID:nN06139251] The benchmark Nikkei <.N225> fell as much as 4.1 percent at one stage to 10,258.49, its lowest since early March and below the 200-day moving average of around 10,300, before trading down 3.9 percent.

FTSE future still down 170 points at 5,092

1:41AM

Here’s some greek stuff that came out earlier

This is from Paul Robinson

He’s an FX analyst at Barcap
\

I think

(TB, could you email that to me please)

The Greek crisis intensified this week, moving EUR/USD below our three-month
target of 1.30. What have we learnt, and where are we now on the Greek crisis and
on EUR prospects more generally? We revise down our EUR forecasts throughout the
next year.
We had expected the announcement of the Greek deal to lead to a short-term bounce for
the EUR, but this proved optimistic. There are three reasons for concern about the package:
There is a view that other euro zone governments will not agree to it as it stands. We
think this is unlikely and the least important at present. There has been little news on
this.

Much more important is the other side of the bargain, and here there has been
news. The measures contained in the austerity package are very onerous indeed,
and it seems quite plausible that the Greek government will not be able to pass the
Economic Policy Programme (EPP) package as it currently stands by the deadline at
the end of June. Our previous view had been that the package was likely to be
passed but that it would be too difficult for the Greek government to meet in
practice, though that this would become apparent over time, rather than lead to an
immediate escalation of the crisis. Even if the package is passed and – somehow –
the spending cuts take place, we think the growth forecasts are too optimistic.
Figure 1, taken from Greece: Shock Therapy, May 4, 2010. contains a thorough
review of the EPP.
The other important piece of news has been the response of markets to other
economies’ debt. In our view, without external help, Greece cannot repay its debt –
it is effectively insolvent. We do not think the same about the other economies
involved. Instead, it appears that the market is trading on the assumption of
contagion from Greece to them. As we found out in the banking crisis in 2008,
contagion can quickly change a liquidity crisis into a solvency crisis. The read across

from banks to sovereign states is not automatic, but there are enough similarities to
make this a significant problem.

1:43AM

Dan.air — thanks for joining

FX update

Euro rebound loses steam, retesting downside at $1.2600 after falling to $1.2510 yesterday, and losing some of rebound vs yen at Y114.72 as share markets fall and players retreat to the slidelines, stunned by euro’s plunge the previous day. “Players are frozen at the moment, afraid of being caught with unwanted positions in thin liquidity,” said Tsutomu Soma, senior manager of the foreign asset department at Okasan Securities. But few believe euro selling has run its course as Greece’s debt problems are far from being solved and eyes are on stocks for a clue about how much further investors may cut risk positions. Nikkei <.N225> down 4% in early Tokyo trade. See [.T]. Traders say market participants also watching for any comments or moves by global monetary authorities to rein in FX volatility

hey

look at this

the VIX jumped by almost 8 points

wow

to 32.80

thats up by more than 30%

Vol S&P 500

Consensus in the FT newsroom that Brown’s speech in Kirkcaldy sounds very much like his farewell

Masa just been over

and

She’s saying that RBS are saying that Cameron could form a gov with the Ulster Unions

that would be fun

Not

imagine that

what’s the picture now

are we going for hung parly now

or small Tory majority

still seems v unclear

Tooting held by labour

I guess from Gordo’s speech it is the latter

Cons won Battersea on a 6.5% swing.

Tooting swing to the tories was just 3%

Its still v v unclear

yes

this is from the Westminster blog

Robert Shirmsley

Labour has held onto Durham against a Lib Dem challenge and seemingly to Tooting against the Tories. This is not yet the blue tide lapping over the beaches.

the picture really isn’t clear

Masa pinged this over

ROSS WALKER, UK ECONOMIST, RBS

“It’s a surprise – better for the Conservatives, weaker for the
Liberals and about the same for Labour as most opinion polls were
suggesting.

“It should be positive for UK assets since it suggests the Tories
will able to form a minority government with the Ulster Unionists.
It’s supportive for both sterling and gilts.”

sterling turning weaker

cable is $1.4872

and a euro thingy buys

oh dear

krona down again

0.8478p

ten year gilt yield still around 3.7%

real trader — all political careers end in failure

FTSE future is down 3.2% at 5,085

cant remember who said that

Miles is with us!

V impressed Miles

You up with the departing PM?

how are you doing that with ft it?

a miracle

hehe

Miles — blessing in disguise possibly

Miles how are you communicating with us

we can’t believe it

1:53AM

593 seats to go…

Neil’s not gonna make that

this is going to be a long night

He’s a morning person

and

we are not going to know the result

until dawn

if then

(TB stop trying to goad Fowke)

and of course

tomorrow is going to be really busy

a possible market melt down

the fall out from the fat foot

and an election result

1:56AM

Right — we are going to wind this down

Run thru till 2pm

What else do people want us to discuss fo rthe last five mins

Got any RAW Neil?

RAW is market chatter – information that has not been formally tested through traditional journalistic channels (PRs etc). The story might be complete rubbish, but if we believe there is some substance to it we will say so. Either way, Reader Beware.

er, a 2.00am in the morning

nothing

sorry about that

but the phone is not ringing off the hook

i can just run through a few prices

FTSE future is rallying

off 160 points at 5,103

moving higher

cable is $1.4876

a euro thingy buys

0.8473p

The pound briefly retests the upside at $1.4900 but hasn’t managed to hold above it as election uncertainty and a global rout keep the market volatile. Labour party source says Gordon Brown would try to form a coalition if there is a hung parliament but Brown’s spokesman says Labour has no settled position on coalition talks. Exit polls suggest no one party will win an overall majority, with opposition Conservatives forecast to win most seats, incumbent Labour next and Liberal Democrats third, see [nLDE6452NM] for latest. See [nLDE6452N3] for Instant Views from analysts. Euro/sterling down at 84.82 pence , not far off 10-month low of 84.28 pence set late yesterday in market turbulence. Cable at $1.4875 after dropping as far as $1.4712 yesterday, the lowest in a year.

10-year gilt is yielding 3.69%

1:59AM

Right, the place you should all go now is here

http://blogs.ft.com/westminster/2010/05/election-night-live-blog-polls-closing-shortly-counting-to-begin/

That’s the Westminster blog

They are gong through the night

oh no

There a good team Pickaxe, Alex, Helen and Kieran

that awful woman from that chanel 4 property programme is on the BBC

meh

Phil Spencer isn’t there

which is good

do they still let her on the box in Britain?

unfortunately

she still thinks house prices are cheap

Kirstie Allsop

who cares what she thinks

she reckons DC is in

well that’s it

place your bets

and blame Allsop when it goes wrong

sorry

get a bit heated on that topic

here’s another live blog that will probably be fun

down under

http://www.crikey.com.au/2010/05/06/the-uk-election-liveblog/

crikey.com

usually v funny

Lets hang on for Bradshaw

exeter

(kate – i should have said thanks for that link!)

via twittter

he holds it

Bradsaw has held it i think

yes

he has

swing?

doesn’t look that happy

anyway

6% swing

i am done

okay Neil

thanks for doing this

a really big thanks to everyone that has logged on for this historic session

and the emergency one

hehe

Very funny

early today

it’s all gone to pot on the Right

We need to close up before Zoomy…

Zoomy — follow this link

http://blogs.ft.com/westminster/2010/05/election-night-live-blog-polls-closing-shortly-counting-to-begin/

Okay we are done

see you all tomorrow morning

Catch Neil and Bryce tomorrow at 11am BST

hould b v v intersting session again

after today

if i can stay awake

pro plus and red bull needed tomorrow

Er, thanks Bryce!

i feel like a student

anyway

cya

seeya

Thanks everyone for joining

This entry was posted by Paul Murphy on Friday, May 7th, 2010 at 0:32 and is filed under Uncategorised. Edit this entry.

Share Print

Election Night on AV transcript 7 May 2010

Popular posts

Most commented

Tags

Blogroll

Site Navigation

Categories

The Cut by date

Jump to day