The pound erased all of its gains since an exit poll that predicted a Conservative majority in last week’s election, and UK-focused stocks fell by more than 1%, as the threat of a no-deal Brexit was revived.

Sterling dropped by the most since July after Prime Minister Boris Johnson said he would fix a hard deadline of December 2020 to reach a trade deal with the EU. The currency’s one-year implied volatility was headed for the biggest jump since May...

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