Week of 22 June 2026
Keir Starmer has resigned as Prime Minister, with Andy Burnham stepping in after winning the Makerfield by-election. The bond market took the news well, with yields on 2, 5 and 30-year gilts all ticking down. In the US, SpaceX has gone to the bond market for the first time, looking to raise $20bn in investment-grade debt to fund its AI spending plans. It is an unusual move for a company that is not expected to be cash flow positive until 2029, even with BBB ratings from all three major agencies. Finally, Aldi's push into the US market is picking up serious momentum. As part of a $9bn expansion plan, it is opening a new store every few days and will soon overtake Kroger on total store count. Credit card data suggests that when an Aldi opens, nearby competitors lose around one percentage point of annual sales within a ten-mile radius.
