Though perhaps we could be seeing an Opposition Coalition as well. Chart, looking at this the biggest reflection has been the currency markets. Towardsd edging down 1. 27, session lows at the moment , 1. 7 percent fall back or that is the scene outside Jeremy Corbyns house. This is bloomberg. Haidi uncertainty in the u. K. , a Hung Parliament with conservatives falling short of a majority. Plunging theling most since january and raising doubts about negotiations with the european union. The u. K. Could be without a full functioning government 11 days before brexit talks are due to begin. Rishaad the questions are being the primet ministers future. She may not survive. This is our special coverage of the british election. I am Rishaad Salamat coming to from our asia headquarters in hong kong. In sydney. Haidi lun asia awaking to political turmoil. When will we learn . Trump, brexit, and now more Political Uncertainty, the range of outcomes is starting to narrow when it comes to what sort of situation theresa will be dealing with. To theot arguable contrary that this has been a disastrous results for theresa may and her political future is in doubt. Lets haveght, well a look at what is going on. We have currency reaction. 9236, this is sterling heading towards a key level of 1. 27, a since the middle of april. Now sterling in this broad thee, looking at one stage it swing towards labor was not as big as reflected in the exit polls. Polls forecasting labor will win 200 66 seats, up 34 seats. Snp losing to the conservatives. , bookmakersnutes have started taking narrow odds on the next Prime Minister, not theresa may, but Jeremy Corbyn. Lets have a look at 9241 showing labor betting odds spiking, looking like it could be the labour party being asked to form the next government. To agree to london have a breakdown of what we know so far, and the results are starting to come in, some labor inroads. Thats right. The pace is picking up. More than 50 results in. The latest include stockton. Labor is gaining that one. Another part of the country, we saw them holding on to their seats by a margin smaller than expected. Labor is starting to outperform in the northeast of england, but places like car while, places we thought carlyle, places we thought would be easy for labor to gain, but a mixed picture there. We have seen labor do better in wales. The media was talking about the tories going back to a majority they have not seen since the 1850s, but labor now seems back on track leading wales. That is the third most winnable seat for tories in wales was so a mixed picture and it seems like this one is edging towards labor at the moment. Thank you so much for that. Lets get more analysis. We are getting a fuller picture. Lets get it over to london for a bit more detail. This is clearly an upset. We were saying that the list of probable outcomes is quickly starting to narrow. What are we looking at here . Say it is early and the range of outcomes is reasonably wide. A could end up with reasonable size conservative majority of 30 seats, lower and what theresa may was hoping for, but a workable majority. Another scenario is with a much slimmer majority, 12 seats, a bit of a nightmare for theresa may or whoever the next Prime Minister is. Thirds and our is a hung a range ofhas mathematical possibilities. You could get a conservative minority government with enough support to govern on a casebycase agenda, but not inconceivable that Jeremy Corbyn an arraymand enough of of support, a loose coalition across parliament, to govern as well, so it is still early on. We dont know a lot more than we knew four hours ago, but the results are starting to trickle in. We should start to get a clearer view of how this will play out. Are seeing labor doing quite well across london. These are live pictures of Jeremy Corbyns house, a surge in popularity for a fairly unpopular leader. It must be taking him by surprise as well. We are seeing the treasury minister losing her seat. What happens to brexit negotiations now . We are 11 days out. This will be a nightmare. Proremain, voted strongly to remain in the eu, so you are seeing backlash against that. It is one of the reasons why labor is doing so well. You are right. In fear he these negotiations are supposed to start in 11 days. We will have af government to run those negotiations. If we do have a majority, those negotiations will possibly begin. No government, they wont have any choice but to push back those negotiations. This is happening, the clock is taking on britains membership in the european union. They have triggered the constitutional mechanism under which the u. K. Will leave the eu in 2019. In theory, i suppose the next government could go to Angela Merkel and Emmanuel Macron and ask for more time. Get anyld say you dont more time. You have triggered the two years and you have to get your act together. We have gold surging to the highest level in seven weeks. Saying, she is toast, but the tory party cant admitted. Her position is tenuous at best at the moment. Yes, that is true. We dont have the results yet. I think we will have to wait. It is possible that if the results are as bad as the exit polls suggest, she could signal her intention to resign. That is one into the spectrum. The other is if they can form a majority, she might battle on, but the party is suzy damage now after this election. Rishaad it seems like a massive own goal by theresa may as well, doesnt it . It doesnt get worse than this and she did not have to call this election. She had a working majority and authority within her own party. There was no need to do this. Lead of 20 Percentage Points at the beginning of the campaign. Again, we have learned that the polls arent always to be trusted, but the polls are pretty uniform. How she could squander that so quickly and dramatically, that is the real problem, the question she has to face. To be honest, she does not have an answer to that. Year,g back over the last we have seen a lot of drama whether it is brexit, trump, or other things, but it is hard to think of an example where a politicians scores on own goal as dramatic as this one. You for that. 11 00 in the morning, scenes outside Jeremy Corbyns house. He is probably heading for labour party headquarters. That is what we have at the moment. Jeremy corbyn, good night for him to say the least. There are other headlines. Ecb president mario draghi has he eurozone economy turned the corner, but the job market is lagging behind. He said threats to growth are now balanced and has stop saying he may cut rates again. He warned nothing has changed on inflation and employment and said little about how the ecbs Bond Buying Program will continue. James comey has accused President Trump in the white house of lying and defaming him and dramatic testimony on capitol hill. He said the president vince shifting explanations were lies, plain and simple. Detailed memos of their conversations because he felt the president would alternately paint a false picture of their encounters. Administration then chose to defame me and more importantly the fbi by saying the organization was in disarray, that it was poorly led , that the workforce had lost confidence in its leader. Those were lies, plain and simple. The trump administrations this mental postcrisis byancial rules were approved 233186. Seeninancial choice act is as having little chance of passing the senate and its current form as democrats are unimpressed. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Haidi thank you for that. Lets get a reminder of the reactions to the Political Drama and unexpected outcomes so far. Counting does continue. Take a listen. A good was absolutely her to call,for but the absolute rule should have been, dont take risks. I thought it would be a Boring Campaign with some very interesting ishaad right, this islington. This is Jeremy Corbyn. Holloway, part of his constituency. Shaking handss with one of the other theidates, probably from monster raving loony party. House, saw him leave his Jeremy Corbyn there at the moment. A very good night so far, and it does seem as though the current Prime Minister theresa may has lost a bit of credibility and could be forced to step aside. We have had a few notable labor wins. Polls suggests the conservatives will win 314 seats. The magic number is 326 seats. Is needede mark that for a clear majority. These polls, she 14 and be shy of that majority. Win 266 seats, which should put them in the position of the biggest minority party, second place, and that would be up from 34 seats. Scotland expected to do fairly well, and the conservatives to do well in scotland, with the Scottish National party expected to lose 22 seats. The remain party, proeu liberal democrats come also expected to increase their share. They are expected to have 14. We still have conservative and labor commentators that this picture could change. If you remember last june when we had that brexit referendum, things did change and change fairly radically. A bit of caution at the moment. The seed distribution apparently changing by less than 10 after a similar poll in the last election in 2015, so there is talk coming through. Haidi always exercising caution. We are starting to see the pace pick up when it comes to these results being counted. We are seeing a clear picture being painted, and another labour win for the very north. Bellwether constituency that has voted for the Winning Party and every general election since 1983. Take that with a grain of salt. We have labor continuing to grain ground again ground. Reported so 50 cs far, and clearly falling short of that majority, that outright majority. The pound trading at a session. Ow of 1. 2695 given the shock, it has been a pretty muted reaction on the market so far. Lets get some analysis from the Deputy Director of European Studies at the university of sydney with me here on set in sydney. Are you shocked . Not really. If british politics have shown us anything it is that they are unpredictable. Sort of like him and do we learn our lesson to check our expectations . A lot of people would have put money on the remain vote winning in the u. K. Come so it is not a shock as such because what is surprising is Jeremy Corbyns radical turnaround, labors radical turnaround. Sudden and traumatic him and now a huge swing to labor in britain. One of the surprises is the loss of snp seats. Ground afterlosing performing strong and the last election. Haidi we were talking to the Peterson Institute this morning, saying this is not a vote about brexit or europe. It is about a u. K. Deeply divided in the same way the u. S. Turned out to be deeply divided following the november election result. Is that how you view it . It feels like there were domestic issues. Mastic, were indeed the and that is why labor has pulled so strongly. Jeremy corbyn has been talking about social, economic exclusion and theresa mays tax, which aims to increase testing for people needing care and their homes. That was an extremely popular move by Jeremy Corbyn. Concerns. Used also, the terrorist incidents, which one would have taught would have given a philip to the incumbent party and the incumbent party was conservative and usually do well on antiterrorism, security has made but labor hate that theresa may cut Police Numbers in the u. K. , and that has been getting airtime as well. Haidi the forecast from the bbc, 322 seats for the tories, 261 for labor. What is the possibility we will get a dysfunctional or nonfunctioning government, and what is it mean 11 days out from the start of brexit negotiations . Thing is article 50 has been triggered, so it is difficult for the u. K. To back out now. Both labor and the majority of the conservatives were for the remain vote in the lead up to that huge referendum, but both have changed their tune, and i dont think there will be a turnaround on brexit. I agree with a commentator speaking a moment ago that the eu will hold britain to the timetable. Rish and hong kong, you mentioned the dementia tax, is that where it all went wrong, or was it theresa mays performance in this election . I would say generally her performance because she has not been a strong performer. A lot of commentators said she was lackluster, woodenly reproduced stump speeches in her media interviews and was not a particular strong performer. Neither was corbyn, but he has come up in recent weeks. I think theresa may has not been a strong leader, and her hard line on brexit has not been terribly popular either in britain or across the channel. Indeed. She made it a single issue, didnt she . And the labour party had a multipronged attack on the health service, the dementia tax, education, tuition fees, which probably helped the youth vote to get out. Young people, all the polls are showing young people are going more in the direction of labor, and Jeremy Corbyn has the advantage of actually going to the heart land of values and those values of andal a quality, justice, that has been worrying people in britain more and more and boosted labor, and yes, brexit may come a theresa may campaigning only on brexit was a bad call. Her mantra of frexit means brexit, then saying you have to in brace brags it and you can only negotiate brexit if believe in brexit, would smack of nonsense ands nobody knows what brexit is. Brexitdiately after the vote, there were people immediately campaigning against for the eu, brexit is a done deal. People in theof e. U. Are saying, good riddance, because the u. K. Has been a. Horn in the eus side they have argued about everything. They have not been favorable to regulations after the eurozone crash, so in the eu, they will not turn around. In the u. K. , they have started moving down that path. Done deal,s to be a and there are other issues coming to the fore. S paad just hearing the westminster leader Angus Robinson lost his seat in moray. Does that put on another referendum on independence on the back burner . It very well may. Lost a lot of ground in this election. P was doing sn strongly in recent years, and Nicola Sturgeon was pushing for a referendum on Scottish Independence. I would agree that that will possibly go back on the back burner. Haidi what happens to theresa may . It is clear that she will probably not hang onto her job. Thatst got this tweet theresa may probably made the biggest political mistake in history. She has a lot of competition there. Perhaps michael gove, Boris Johnson would not rule out anything, but Boris Johnson would surprise me. Catapulted to the front as foreign minister, but under a theresa may government, so that might possibly rule him out. People have come back into politics. Anything is possible. Haidi the bbc exit paul has been updated to 322 seats for the conservatives and does put them in a position to form a Majority Coalition, but not the 326 needed for an out right majority. Not much for spite for theresa may in what is a nightmare scenario. If we look at this as a populist resurgence like vote and we take a look at potentially an earlier than expected vote from italy, you are seeing surging support for the fivestar movement, what happens when you have antie. U. Governments in both london and italy . A donethe eu, it will be deal because brexit has been triggered. It would be surprising if that got walked back now. The major concern for the eu is losing a big Financial Market and military power, which will give more power to france given that we now have a centrist neoliberal president. We have the power axis of the eu being consolidated within germany and france. There is a resurgence of nationalism, but at the same time, more people wanted to join the eu, so that federalism will probably win the day in the long run. Haidi we will leave it there for now, but you are staying with us through the hour as we get more updates through as counting continues in the u. K. Areing a recap on what we seeing. The bbc estimating we would get a Majority Coalition when it comes to the conservatives, just not an out right majority we were looking for. And certainly this has taken markets by surprise, but we are seeing that fallout when it comes to Financial Markets being sterling. On that is trading at 1. 2760. We are off session lows. Asia, treading water, but not the contagion see we were when this first started to break. This is the only story in town. This is bloomberg. Rishaad 9 29 in hong kong. 2 29 a. M. In london. I am Rishaad Salamat coming to from bloombergs asia headquarters. Haidi i am haidi lun in sydney. Picturesatching live of counting underway in his and 10. Islington north. You can watch it live on your terminal. Situation when it comes to the Market Reaction. Spiking lower, Japanese Equities solidifying gains. We had that tepid reaction when it comes to u. S. Treasuries as well as u. S. Equities futures. This move has been contained to what is happening in sterling. Even that 2 move in the pound is not that great given this electoral surprise we have had with theresa may and the conservatives. Clearly not going to get that out right majority. Expecting the results when it comes to Jeremy Corbyns constituencyee in the next few minutes. Just getting a recap in terms of what we have. We are seeing at last a count. We are looking at that bellwether that has gone to labor a