U.K. Prime Minister David Cameron failed to gain parliamentary approval for a military response to what he says is clear evidence of the use of chemical weapons by forces loyal to Syrian President Bashar al-Assad.

The House of Commons rejected a motion put forward by Cameron seeking endorsement in principle for military strikes by 285 votes to 272 after more than seven hours of debate in Londontonight. Rebel members of Cameron's Conservative Party joined the Labour opposition in rejecting the plan.

"The British Parliament doesn't wish to see British military action," Cameron told lawmakers after the vote. "I get that and the government will act accordingly."

Tonight's vote banishes the prospect of U.K. involvement in any imminent U.S.-led attack on Syria. The Obama administration is also struggling to marshal conclusive evidence backing its assertion that Assad was directly responsible for the alleged chemical attacks near Damascus last week, according to three U.S. intelligence officials familiar with the situation. Syrian opposition groups say 1,300 people died in the assault.

David Fuller's view This is a little bit of good news for the deeply troubled Middle East and will be of some help to global stock markets. It should also lead to some profit taking in precious metals, possibly followed by base extension phases.