Today we likely get a new PM. The opportunity for Rishi Sunak is challenging, but he may get markets on side and start the recovery process for the deeply dysfunctional and divided Conservative Party. He probably still loses by 2024 – but political stability may be back on the agenda.
The tragedy of Boris Johnson continues. The question is not why did they leave, but why have others remained in the bunker with him. Just what has Boris promised the new Chancellor, and does what is good for Boris coincide with what is good for the UK?
Macron’s victory has been hailed as a market plus, a win for Europe and common purpose, but it’s likely just a crisis averted, perhaps, for a few more years. Around the globe populism will likely be fanned by inflation, food and energy insecurity and become an increasingly destabilising force on markets.