U.S. equity futures pointed to a slightly higher open on Friday, after the BBC projected Theresa May’s Conservative party was set to only take 318 seats, falling short of a majority by 8 seats.
Dow e-mini futures were up by about 17 points, or 0.08 percent, at 21,195, by mid-morning Asia time on Friday. Nasdaq e-mini futures were near flat at 5,885.75, while S&P e-mini futures added 2.5 points, or 0.1 percent, to 2,435.
Earlier in the day, a BBC/SKY/ITV joint exit poll projected that May’s party would have 314 seats, remaining the largest party in Parliament, but falling short of the the 326 needed for an overall majority. The poll also indicated Jeremy Corbyn’s Labour party would make significant gains, grabbing 266 seats.
A hung parliament would be significant because it means that multiple parties have to hammer out a coalition government.
Those exit poll results sank the pound to a Friday session low of $1.2692, touching levels not seen since mid-April. At 11:07 a.m. HK/SIN, the sterling traded at $1.2741.
Trade in Asia was mixed, but major indexes in Japan, South Korea and Australia saw gains in mid-morning trade. Japan’s benchmark Nikkei 225 was up 0.91 percent at 20,089.90.
Gold futures for August delivery edged 0.18 percent higher to $1,281.80 per ounce in early trade.