CNBC Daily Open: UK Labour landslide election victory
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
UK Labour wins landslide victory
The center-left Labour Party has won a landslide victory, ending 14 years of Conservative rule. Early projections show that Keir Starmer's Labour will gain its second-largest majority, following former Prime Minister Tony Blair's 179-seat majority in 1997. Prime Minister Rishi Sunak has conceded defeat. Brexiteer Nigel Farage has won his first seat in the British Parliament and his Reform Party is projected to pick up 13 seats.
Nikkei 225 hits record, Samsung up
Japan's Nikkei 225 hit a record high, crossing the 41,000 mark for the first time, before losing steam as household spending unexpectedly fell, jeopardizing plans by the central bank to raise interest rates. South Korea's Kospi jumped 1.24% as Samsung Electronics stated second-quarter operating profit will surge almost 15-fold, mainly due to rebounding semiconductor prices driven by the artificial intelligence boom. Samsung shares climbed 2.84%, hitting their highest level since January 2021. Elsewhere, Hong Kong's Hang Seng index dropped 1% and mainland China's CSI 300 fell 0.48%.
Short losses
Tesla's strong delivery report has caused significant losses for short sellers, with the stock rallying 17% in two days and short sellers losing $3.5 billion, according to S3 Partners. Tesla shares have surged 73% since April, nearing recovery with the stock $2 shy of wiping out losses for the year. Short interest is at 3.5% of the float, or 97 million shares, valued at $22.4 billion.
Friday's 'slowing payroll'
The