Andy Burnham Wins Election In Threat to UK Prime Minister Keir Starmer | Daybreak Europe 6/19/2026

Watch on YouTube ↗  |  June 19, 2026 at 07:13  |  47:07  |  Bloomberg Markets
Speakers
Alastair Pinder — Global Equity Strategist, HSBC
Lizzy — Anchor, Bloomberg
Neil Campling — Tech/TMT Analyst
Eleanor — Agricultural Reporter, Bloomberg

Summary

This episode covers Andy Burnham's special election win and its threat to UK PM Starmer, alongside the US-Iran interim deal and reopening of the Strait of Hormuz. HSBC strategist Alastair Pinder lays out bullish equity views, favoring consumer discretionary, luxury, and banks. ASML faces US concerns over China, and the show also discusses lingering food inflation and the Bank of England's steady rate stance.

  • Andy Burnham wins Makerfield by-election, pressuring PM Starmer and raising UK political uncertainty.
  • US-Iran MOU lifts Strait of Hormuz blockade, allowing oil tankers to return; JD Vance delays face-to-face talks.
  • ASML denies shipping EUV chip machines to China amid US Commerce Secretary concerns.
  • Alastair Pinder (HSBC) sees the peace deal as bullish for equity broadening, especially consumer discretionary and luxury.
  • Pinder favors UK banks on steepening yields from fiscal worries and US banks on hawkish Fed and AI IPO catalysts.
  • He prefers AI semiconductor supply chain over hyperscalers due to capex monetization uncertainty.
  • Food supply chain disruptions from the Middle East conflict will keep food prices elevated for months.
  • Bank of England holds rates unchanged; high bar for moves in either direction.
Ideas
Alastair Pinder Global Equity Strategist, HSBC 13:17
Peace deal benefits consumer discretionary sectors
The US‑Iran peace deal is a bullish surprise that drives oil lower and inflation expectations lower, removing a major headwind for consumer discretionary sectors. These sectors have lagged the big tech/AI trade, earnings expectations are very low, and there is room for a big beat.
XLY HIGH
Alastair Pinder Global Equity Strategist, HSBC 13:55
Prefer US equities over Europe
He has a clear preference for US equities over Europe because US earnings are stronger and the overall narrative for Europe is one of lacking earnings growth. Europe is difficult to get excited about at this point.
SPY LOW
Alastair Pinder Global Equity Strategist, HSBC 15:55
UK banks benefit from steepening yields
UK banks look attractive because the bond market will see more volatility and a steepening yield curve as investors become more concerned about loose fiscal policy under a new Labour government, while the Bank of England keeps rates higher for longer. The steepening trade is beneficial for banks.
UK Banks MED
Alastair Pinder Global Equity Strategist, HSBC 17:52
Hawkish Fed and AI IPOs boost US banks
US banks are an interesting play in a hawkish Fed environment; they benefit from market volatility and from the IPO deals happening on the AI side, providing multiple catalysts for the banking sector.
KBE MED
Alastair Pinder Global Equity Strategist, HSBC 18:13
AI equipment makers monetize capex now
The AI supply chain (picks and shovels) makes more sense than hyperscalers. Monetization of massive capex is uncertain for the next 12‑24 months or longer, but downstream equipment makers are already monetizing that capex and have no problem with it today.
SMH MED
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This Bloomberg Markets video, published June 19, 2026, features Alastair Pinder discussing XLY, SPY, UK Banks, KBE, SMH. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alastair Pinder  · Tickers: XLY, SPY, UK Banks, KBE, SMH