Keir Starmer Resigns, US-Iran Talks 'Progress', More
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Hi, I'm David Weston.
News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
Now let's bring you up to speed with some of today's top news stories. It's 9.51am here in London. Keir Starmer says that he is resigning as the UK Prime Minister. Speaking on the steps of No. 10 Downing Street, Starmer said the Labour Party will look for a replacement.
I have spoken to His Majesty the King this morning to inform him of my decision. I will ask the National Executive Committee of the Labour Party to set out a timetable with nominations opening on the 9th July and completed by the summer recess. In the case of a contest, this will ensure a new leader is in place before Parliament returns in September.
Keir Starmer announcing his resignation. Quitting power is a remarkable turnaround from the landslide election victory that he secured in 2024. Investors are wondering which direction the British government will take next, including who might succeed Chancellor Rachel Reeves. Ten-year guilt yields are little changed. The pound remaining weaker three-tenths of one percent against the US dollar after Starmer announced his resignation.
We're already seeing reaction. The president of the European Commission, Ursula von der Leyen, just posting on social media, paying tribute to Keir Starmer, saying that European and Ukrainian security is stronger because of him and it can take leaders many years to grow into the statesman that he became in just two years. That's reaction to the resignation of Keir Starmer by the European Commission president, Ursula von der Leyen. Now, in other news, the US and Iran have made encouraging progress in talks on a peace deal, according to a joint statement from mediators Qatar and Pakistan. Technical level discussions are set to continue this week, even as President Donald Trump again threatened strikes on Iran if Hezbollah keeps attacking Israel.
Former US Defence Secretary Mark Esper says discussions are in their early stages.
We have a long road ahead of us with regard to sustaining the current MOU, the agreement with Lebanon as a spoiler. And then secondly, I think big picture is getting to the nitty gritty on the details of the nuclear deal, if you will, and what that eventually looks like.
Esperadzi has many concerns about what Iran gets in the current deal being negotiated in Switzerland. Bloomberg understands a positive outcome in the negotiation ultimately hinges on Israel's support and a resolution to the fighting in Lebanon.
Qatar says that an incident during the start-up of its Ras Al-Fan industrial complex caused a blast that has injured dozens of people. The country says that 54 people were injured in the explosion and 18 are missing. The disaster underlines the risks to Middle East energy facilities as they ramp up production after the US-Iran ceasefire. Restarting operations at gas facilities is a complex process that requires carefully balancing pressure to avoid damage and leaks.
Those are some of our top stories this morning on the markets. Brent crude oil is down 1.7%, $79.17 a barrel. WTI hovering around $75 a barrel. The pound currently trading at $1.32 against the dollar, largely unmoved by that announcement from Keir Starmer that he is resigning. The 10-year gilt yield is up a basis point at 4.85%. Stock 600 down by a tenth. S&P E-mini futures on Wall Street are two tenths of 1% lower.
That's news when you want it with Bloomberg News Now. I'm Caroline Hepke.
I'm Stephen Carroll and this is Bloomberg.
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What led to Keir Starmer's resignation as UK Prime Minister?
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