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FTSE flounders as UK wakes to hung parliament uncertainty

The strong chance of a hung parliament and falls in both the US and Asian markets saw a sharp fall in the FTSE 100 this morning.

At 8.54, the blue-chip index stood at 5176.57, a fall of 1.60 per cent, only to rally to 5239.22 at 9.43.

The Dow Jones index fell over 9 per cent at one stage before recouping some of its losses to close 3.2 per cent down, while Asian markets fell sharply over concerns the Greece debt crisis may affect the economic recovery with Japan’s Nikkei falling 3.1 per cent.

The pound has also struggled on the back of the election results, having fallen 2 per cent against the dollar to $1.4639 and 1.6 per cent against the euro to 1.1551 euros to the pound. The fear is that a weak government may not be able to reduce the UK’s high budget deficit fast enough.

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