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KATIE MARTIN: From the FT in London, here's the latest on markets. Yesterday was a wild ride in UK assets. And while it's calmer today, all the calculations for what happens next are up in the air.
Right now, the pound is clinging on, hovering around $1.28 after soaring to six-month highs yesterday after Theresa May announced plans for a shock snap election in June. The bet here is that the election will firstly bring stability and secondly dampen the chance that the UK hurtles towards a hard Brexit without a deal with the EU. These may turn out to be brave assumptions. But for now, it's tough to stand in the way.
This is, of course, bad news for UK stocks. The FTSE 100 is jam packed with companies, like miners, that earn revenues in dollars that are flattered greatly by a weaker pound. So now, the FTSE 100 has wiped out all the gains it made this year.
Not to be outdone, the US is also providing political drama, of course, with the fading chances of US tax reform continuing to heap pressure on the Trump trade. That's keeping US government bonds up at the highest point of the year, and it's crammed Japan's 10-year yields back below 0%.
