Market insouciance to electoral result is the greatest form of flattery for Starmer
Tradition and necessity dictate that on the night of a potentially momentous national vote in the UK, sterling traders put in a night shift. Banks, keen to keep their toiling traders in London alive, typically lay on pizza and fizzy pop as fuel for what can be a busy stint in one of the few markets that never sleeps . The best relatively recent example of this was the Brexit referendum of 2016.
The pound has already edged up against the euro since French President Emmanuel Macron called parliamentary elections. It could sweep higher over the next year or so if Germany follows France’s shaky path. “If we get to the point where German elections result in a swing to the right, that’s when you are looking at maybe a 10 per cent rise in the pound,” Jalinoos said. Amundi, Europe’s largest asset manager with €2tn under management, sent out a similar message over UK government bonds.
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