Sterling and U.K. government bonds have welcomed remarks about the need for sound finances by Andy Burnham, who is expected to succeed U.K. Prime Minister Keir Starmer, ING's Chris Turner says. However, Burnham is yet to set out details on his plans to alter spending commitments and how those changes will be paid for, he says. "That could create headwinds for U.K. asset markets later this year." Sterling rises 0.3% to a near one-week high of $1.3240, according to LSEG. The euro falls 0.1% to an intraday low of 0.8612 pounds. The 10-year gilt yield is lower, last trading at 4.731%, Tradeweb data show. (renae.dyer@wsj.com)
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Sterling, Gilts Welcome U.K. PM Candidate's Remarks But Political Risks Linger, ING Says — Market Talk
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Sterling and U.K. government bonds have welcomed remarks about the need for sound finances by Andy Burnham, who is expected to succeed U.K. Prime Minister Keir Starmer, ING's Chris Turner says. However, Burnham is yet to set out details on his plans to alter spending commitments and how those chang…