British markets came under selling pressure Friday after a key member of the UK government quit his post, raising speculation about a leadership challenge to PM Starmer's position.
Andy Burnham, the Greater Manchester mayor, attempts to return to the House of Commons as an MP, after Wes Streeting resigned as health secretary, saying he had lost confidence in the government.
Reform UK achieved a historic, breakthrough victory in the May 2026 local and devolved parliament elections, fundamentally disrupting the nation's traditional two-party political landscape.
The UK economy grew 0.6% in Q1, in line with economist forecast. That marked the biggest expansion of all the G7 group of industrialised nations for the quarter, though Japan has yet to release data.
However, the war in Iran is weighing on Europe. Consumer confidence in the UK has dipped over the last three months at the fastest rate since June 2022 as energy costs soared.
Experts say neither Iran and the US is capable of securing a decisive victory, raising the prospect of a drawn-out confrontation cantered on exhausting the opponent economically, militarily and psychologically.
Sterling dipped below 50 SMA, 200 SMA and April's support of $1.3380, reinforcing the bearish bias. It is expected to decline further towards $1.3340 amid the Labour rout.
Asset recap
As of market close on 14 May, among EBC major products, Cisco Systems shares led gains. The firm blew past its AI infrastructure and hyperscaler guidance orders for the fiscal year and lifted its forecast.
Qualcomm shares fell sharply as investors pulled back from two of the biggest beneficiaries of the AI-driven semiconductor rally, while analysts warned that competitive pressures remain intense.
The Hang Seng Index may still have an upside potential of 10%-15%, driven by China's 'dual easing' policies, and the continuation of AI-driven narratives, according to Industrial Securities.
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