Gilts Steady, Pound Lower as UK Prime Minister Starmer Resigns

UK 10-year gilt yields were little changed at 4.85% as gilts traded steady following news that Prime Minister Keir Starmer will step down. The pound held losses, remaining 0.2% lower versus the dollar at $1.304 and 0.1% weaker against the euro. The move reflects modest FX pressure and a subdued rates reaction rather than a broader market shock.

Analysis

UK 10-year gilt yields were little changed at 4.85% as gilts traded steady following news that Prime Minister Keir Starmer will step down. The pound held losses, remaining 0.2% lower versus the dollar at $1.304 and 0.1% weaker against the euro. The move reflects modest FX pressure and a subdued rates reaction rather than a broader market shock.