European Macro Weekly

UK PM Starmer's immediate position appears secure following local elections, leading to a modest Gilt rally, while weak German industrial data suggests slowing Eurozone momentum.

Key Takeaways

• 1.UK PM Keir Starmer appears likely to survive immediate leadership challenges despite heavy local election losses for the Labour party.
• 2.UK Gilt markets rallied as the perceived risk of an immediate leadership transition faded, although political uncertainty remains elevated.
• 3.German industrial production data was weaker than expected, casting doubt on the momentum of the Euro area economy entering a period of energy shocks.

Table of Contents

• Macro Focus: Starmer seems safe – for now at least
• The week that was
• What we're watching next week

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