DAVY VIEW

After the Federal Reserve and Bank of England both held rates unchanged last week along with a busy release calendar, there is a relatively quiet data schedule for the week ahead with flash business surveys for June and postponed Irish payrolls for April due. Weekend reports around UK political upheaval could see an imminent announcement by Prime Minister Sir Keir Starmer to outline his plans for resignation. As his likely replacement, Andy Burnham will face many of the same challenges and constraints that have contributed to Starmer’s demise. However, Burnham’s popularity within Labour could supply him with political capital, and he could also benefit from Starmer’s more growth-friendly policies.