Well who would have thunk it? Labour has won the Glenrothes by-election, defeating the Scottish National Party with a relatively comfortable majority of 6,737. Only a few weeks back a Labour victory, let alone one so comfortable, seemed almost inconceivable, and the result is reflective of how strong a political comeback Gordon Brown has made of late. The Prime Minister has gained massive global kudos for his handling of the economic crisis and his position as leader of the Labour Party, which had been under severe threat, is now totally assured. Cable meanwhile is trading at 1.5680, marginally firmer from where it closed out Thursday in North America.