Markets Wrap: SpaceX Returns to Earth, UK Sheds More Stocks
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What is the main topic discussed in this episode?
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This week on Leaders, with me, Francine Lacqua. I speak to tennis legend Rafa Nadal about how he stayed competitive despite injury.
I was able to enjoy the victories probably more than if I will not have this issue.
One iconic match.
In my mind was, I am almost dead.
And whether he misses playing.
I don't miss tennis because there was nothing else to offer.
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Welcome to the Merrin Talks Money Market Wrap, where we talk about the biggest moves in the markets this week and what is driving them. I am Merrin Somerset Webb, UK Money Editor-at-Large. And I'm John Stebic, Senior Reporter at Bloomberg and author of the Money Distilled newsletter. Right, John, there is a lot going on, which is outrageous, really, given that it's holiday time and both of us are, you know, back and forth from glamorous destinations. Oh, yes. We shouldn't be having to talk about who's going to be the next Chancellor of the UK again. No. This is number nine, I think, in Simon French was saying, in something like 10 years. That's quite a lot. Oh, more chancellors than prime ministers.
Yeah. So, do we care? Can you drag up any interest? Does it matter? Is it more of the same? I tell you, the only thing that matters... Is that it's not Ed Miliband. I think that's it.
That's the key.
If it's not Ed Miliband, we just get more of the miserable same. If it is Ed Miliband, we get a nasty shift to the left and more net zero, blah. And yeah, bond markets will be a little upset. The rest of the world would look at us with even more eye rolling than usual. Yeah, I think that's basically it. The only thing I would say is, well, a couple of things. One, it's interesting because I actually think part of this is because there was a Bloomberg survey, reader survey out, and it came back. And I think it was not yesterday, but the day before the results were out. And Ed Miliband was deemed the least market friendly chancellor. And up until then, he was the absolute top favourite. Including among people who I chat to who know about this stuff.
They would sort of tell me Ed Miliband's nailed on for Chancellor. That's what I heard too. Absolutely nailed down, fixed in stone, or fixed in Edstone. Yes, yes. And then suddenly this story comes out in Bloomberg. And wow, the odds suddenly shift dramatically. And it looks as if we're going to get Shabana Mahmood for Chancellor instead. And again, as you say, the only thing we know is that she's not as left-wing as Ed Miliband. And that's been enough to... Actually, it did give Gilkes and the Pound a little bit of a boost yesterday. I'm usually very, very careful about attributing these things to politics, but everything else was down and Gilkes and the Pound were up. And it looks as if it probably was something to do with a bit of relief on that front.
Yeah, but you know what, John? Yes. I think that's absolutely terrifying. Shall I tell you why? Yeah. Because that market pulse survey from Bloomberg told us something so obvious that is beyond the bounds of all reason that anyone in the government... could possibly have not known it, could not have understood that Ed Miliband would be the least market-friendly contender.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–6:25
2
What political shake-up is driving UK markets and why does the chancellor appointment matter?
6:25–11:34
3
How did the Bloomberg survey shift odds for Ed Miliband and affect market sentiment?
11:34–24:14
4
Why is a last-minute change on the chancellor seen as a worrying sign for governance?
24:14–30:05
Speakers
8 identifiedMore from Merryn Talks Money
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