Sun

Mr. SUN Yu (Elic) VP Client Relations China – Manages Chinese business relations for the brand.
Elic provides market commentary for well-known media in China, including: People.cn, Financial News and China Finance Information Network. Elic serves as a special guest analyst on the CCTV Financial Channel to provide real-time analysis on the foreign exchange market.

The London Bridge attack has rocked the United Kingdom close to crucial parliamentary election that pits a struggling Tory party against a growing opposition. As voters are searching for answers about what’s triggered the wave of terrorist attacks – three in just ten weeks – Prime Minister Theresa May is vowing to step up the fight against extremism.

London Bridge Attack Calls for Stricter Protection

There is “too much tolerance of extremism in our country,” Mrs. May said, condemning the latest London Bridge attack on the 3rd of June that left seven people dead and 48 injured. It is “time to say enough is enough.”[1]

In a speech, Labour leader Jeremy Corbyn called for police to use “whatever force is necessary” to prevent future attacks. He also implied that police and security services require additional resources to maintain public safety.[2]

London Bridge Attack Effect on the Election

Despite the recent string of deadly attacks, the parliamentary election is still on for Thursday. What seemed like a good idea seven weeks ago is turning into a nightmare scenario for the prime minister. When the snap election was called, the Conservative party was widely expected to wallop the opposition on route to a bigger majority – one that Mrs. May said was necessary to unite parliament ahead of Brexit negotiations.

The U.K. filed its divorce papers with Brussels on the 29th of March, setting the stage for a fresh round of trade negotiations that could last for up to two years.

The gap between the Conservative party and the main Labor opposition has narrowed significantly in recent weeks, as voters began to doubt Mrs. May’s platform. The Conservative party suffered a major setback in the polling after the Manchester bombing, which claimed the lives of 23 concert-goers.

Vote Expectations Following London Bridge Attack

YouGov’s latest projection shows the Tories on track to earn 304 seats in Thursday’s election, well short of the 326 needed to form a majority government. A new Survation poll also showed that the opposition is trailing the Conservatives by just one point on the eve of the vote. The gap was as wide as 17 points a month ago.[3]

However, a recent survey from the University of East Anglia suggests the Conservatives are still poised for a majority.

Latest polling averages tabulated by The Telegraph show 42.9% support for the Tories and 37.2% for the Labor party.[4]

The financial markets could potentially experience heavy volatility in the latter half of the week should the Conservative majority come under threat. An all-out win for Labour would probably spell trouble for investors looking to piece together the likely path of Brexit negotiations.

[2] BBC News (5 June 2017). “London attack: 12 arrested in Barking after van and knife attack.”

[2] BBC News (4 June 2017). “London attack: Corbyn criticises Tories in terror speech.”

[3] Alicia Foster (6 June 2017). “Election 2017 polls latest: Will the Conservatives win a majority in 2017?” Express UK.

[4] Ashley Kirk and Patrick Scott (6 June 2017). “General election: Polls and odds tracker in final week of campaign.” The Telegraph.

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