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UK Prime Minister Keir Starmer Expected to Set Resignation Timetable | Daybreak Europe 6/22/2026

Watch on YouTube ↗  |  June 22, 2026 at 06:45  |  47:10  |  Bloomberg Markets
Speakers
Ven Ram — Markets Live Reporter/Strategist, Bloomberg
Shriya Samarth — EMEA Head of Rates, StoneX
Andrew Grant — Intelligent Mobility Analyst, Bloomberg NEF
Brendan Murray — Trade Reporter, Bloomberg

Summary

The episode covers UK political upheaval as PM Starmer is expected to announce his resignation timetable, with markets pricing fiscal uncertainty via a weaker pound and higher gilt yields. US-Iran talks show encouraging progress, leading to a pullback in oil prices, while US yields rise, creating headwinds for equities. Analysts also discuss the medium-term trade in US curve flattening and the long-term EV-driven peak in the internal combustion engine fleet.

  • UK PM Starmer expected to set resignation timeline; Andy Burnham favoured successor.
  • Pound near 2026 low, gilt yields seen rising on potential fiscal expansion.
  • US-Iran nuclear talks show progress; mediators outline roadmap for peace deal.
  • Brent crude slips below $79/bbl; Straits of Hormuz flows remain partial.
  • US equity futures decline as Treasury yields climb, led by 30-year approaching 5%.
  • Bloomberg NEF projects peak global internal combustion vehicle fleet within years.
  • New US tariff wall under construction with country-specific rates; Philippines may benefit.
  • Medium-term US rates trade seen as curve flattening, per StoneX head of rates.
Ideas
Ven Ram Markets Live Reporter/Strategist, Bloomberg 5:52
Pound to weaken further on political turmoil.
The pound is expected to stay under pressure due to ongoing UK political uncertainty and fiscal concerns, having already declined 1.3% the prior week, with more downside likely.
GBP/USD MED
Ven Ram Markets Live Reporter/Strategist, Bloomberg 6:47
UK fiscal uncertainty to steepen gilt curve.
UK long-end gilt yields will rise and the yield curve will steepen because of fiscal uncertainty surrounding the expected new leadership under Andy Burnham. If Burnham is elected uncontested, the 30-year yield will be capped around 5.60-5.65%, but if he appoints a fiscally experimental Chancellor, yields could climb to 5.70% or higher, revisiting earlier highs.
UK 30-year gilt yield HIGH
Ven Ram Markets Live Reporter/Strategist, Bloomberg 8:35
Rising US yields to stall stock rally.
US 30-year Treasury yields are heading toward 5%, which will act as a brake on the stock rally. Oil prices are unlikely to fall much below $80, keeping inflation expectations from softening substantially, and the Fed's sharp upward revision in core PCE projections supports higher yields.
US30Y MED
Ven Ram Markets Live Reporter/Strategist, Bloomberg 8:35
Rising US yields to stall stock rally.
US 30-year Treasury yields are heading toward 5%, which will act as a brake on the stock rally. Oil prices are unlikely to fall much below $80, keeping inflation expectations from softening substantially, and the Fed's sharp upward revision in core PCE projections supports higher yields.
SPY MED
Shriya Samarth EMEA Head of Rates, StoneX 32:26
Medium-term trade is US curve flattening.
The medium-term trade in US rates is curve flattening. The two-year UST may be oversold after the selloff following the FOMC, and the dot plot implies only one more hike while the curve has priced in more, favoring a flatter curve, though temporary steepening episodes can occur.
US Treasury Curve Flattening MED
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This Bloomberg Markets video, published June 22, 2026, features Ven Ram, Shriya Samarth discussing GBP/USD, UK 30-year gilt yield, US30Y, SPY, US Treasury Curve Flattening. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ven Ram, Shriya Samarth  · Tickers: GBP/USD, UK 30-year gilt yield, US30Y, SPY, US Treasury Curve Flattening