Caroline Hepker

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

Andy Burnham appears set to become the UK's seventh prime minister in a decade.

Both potential rivals and supporters in the Labour Party have publicly backed the newly elected MP for the leadership.

Paymaster General Nick Thomas-Simmons is one of the ministers backing Burnham.

The desire for unity from MPs like Thomas Simmons means that Burnham is currently unopposed in the race to replace Keir Starmer.

That could see him take over as Prime Minister as early as the 17th of July.

Reform UK's Nigel Farage says that rising support for his party is the reason that Keir Starmer's gone and he has called for a general election.

Despite Farage's comments, markets reacted positively as they priced in relative stability, with JP Morgan reinstating its bullish view on the pound.

Now, UK 10-year gilt yields this morning have moved pretty much in line with European government bonds rallying 4.78%, so down about two and a half basis points versus two basis points for German benchmark bunch yields.

Now, Burnham faces big decisions in the coming months if he becomes Prime Minister, including who he'll name as Chancellor of the Exchequer, whether to call a general election and whether to stick to the party's existing manifesto.

Now to SpaceX, where shares have fallen by as much as 4.9% this morning, below the first days open after the huge IPO of SpaceX.

Yesterday, SpaceX shares slipped for a third day in a row, wiping out some $600 billion in market value.

That decline continuing at the start of the U.S.

day today.

The news comes after the Elon Musk-led firm announced that it is selling investment-grade bonds for the first time.

Bloomberg's Nora Melinda says that the share price dip is being driven by concerns about the company's borrowing.

So that was our markets reporter, Nora Melinda, speaking there.

SpaceX stock fell as much as 16% on Monday, adding to the declines today, at one point falling as low as $147.

But the firm still looks to be priced at around the sixth largest company in the world.