Starmer Stumbles, Sterling Sags

Emerging signs of a market top

Key Takeaways

• Starmer’s Resignation Could Push the U.K. Left: The big news overnight was Keir Starmer’s resignation — the sixth U.K. prime minister to be ousted in the past decade (when Brexit entered the scene). The prospect that Andy Burnham takes over the helm risks pushing the Labour government further to the left — not exactly good news for the gilts market, or the pound for that matter.