Name: Starmer on Brink With Resignation Seen Imminent | The Opening Trade 6/22/2026
Uploaded: 2026-06-22T11:41:10+00:00
Duration: 5765 s

Speakers

Beata Manthey — Head of European Equity Strategy, Citi

Benedikt Kammel — Editor/Reporter, Bloomberg (Germany)

Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Ed Cole — Head of Multi-Strategy Equities, Man Group

Summary

The episode covers UK Prime Minister Keir Starmer's imminent resignation and its limited market impact, falling oil prices amid US-Iran peace talks, and EasyJet's rejection of a takeover bid. Guest strategists discuss a new era of 'frictional populism', UK fiscal constraints, and European equity sector calls, including overweight on banks and tech.

UK PM Starmer expected to set resignation timetable; markets watch gilts and pound but reaction muted.
Oil prices fall on signs of progress in US-Iran talks, with peace not yet fully priced in.
EasyJet rejects three Castlelake takeover offers; shares trade well below the bid price.
Ed Cole (Man Group) describes a regime of frictional populism leading to structurally higher bond yields.
Beata Manthey (Citi) turns constructive on European equities, overweight banks, tech, basic resources; underweight autos.
Benedikt Kammel notes falling oil prices as positive for airline industry costs.
Bruna Skarica (Morgan Stanley) highlights UK fiscal rules severely limiting new spending without cuts or tax rises.

Ideas

Beata Manthey Head of European Equity Strategy, Citi 51:38

Bullish European equities on peace progress

Peace progress in the Middle East is a net positive for European equities, which are constructive into the middle of next year; earnings per share remain solid, and valuations, while stretched, support a relative overweight versus underweight positioning.

Beata Manthey Head of European Equity Strategy, Citi 57:43

Overweight European banks on peace deal

European banks are the biggest winners in the cyclical recovery following the ECB's actions and the peace deal in the Middle East; they are a top overweight in the sector allocation.

Beata Manthey Head of European Equity Strategy, Citi 57:53

Overweight European tech

Continue to be overweight European technology stocks as part of the sector strategy, leveraging growth and AI-related opportunities.

Beata Manthey Head of European Equity Strategy, Citi 57:57

Overweight European basic resources

Basic resources are overweight in the cyclical basket, benefiting from commodity demand and the improving economic backdrop.

Beata Manthey Head of European Equity Strategy, Citi 58:01

Long European healthcare as defensive hedge

Prefer health care as a defensive hedge within the portfolio, offering protection during volatility and rotation shifts.

Beata Manthey Head of European Equity Strategy, Citi 58:12

Avoid European autos on structural weakness

European autos have been underweight for a long time due to structural and cyclical headwinds; earnings momentum remains not bullish, and the sector faces competitive and demand challenges.

Benedikt Kammel Editor/Reporter, Bloomberg (Germany) 70:24

Lower oil prices boost airlines

Falling oil prices reduce fuel costs for airlines, improving their profitability; this is good news for the airline industry, particularly as carriers have faced high fuel costs since the Iran war.

This Bloomberg Markets video, published June 22, 2026, features Beata Manthey, Benedikt Kammel discussing SXXP, SX7E, SX8P, SXPR, SXDP, SXAP, European airlines. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Beata Manthey, Benedikt Kammel · Tickers: SXXP, SX7E, SX8P, SXPR, SXDP, SXAP, European airlines

Starmer on Brink With Resignation Seen Imminent | The Opening Trade 6/22/2026

Summary

Ideas

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