Overview
- Sir Keir Starmer confirmed he will step down and asked Labour’s National Executive Committee to set a replacement timetable, a move that strengthened the pound and helped lift the FTSE 100.
- Negotiators reported progress in US–Iran talks and more tankers moved through the Strait of Hormuz, driving oil and gold lower and reducing near-term inflation worries.
- A sharp selloff in AI-linked semiconductor and big-tech stocks has kept volatility high, with Micron’s earnings on Wednesday seen as a barometer of demand for AI infrastructure.
- Company-specific moves reshaped sector leadership on June 24, notably Segro’s 17% jump after rejecting Prologis’s takeover approach, which boosted UK property and housebuilder shares.
- Equity markets finished mixed on June 24 as easing energy risks eased rate pressure while tech weakness weighed on the S&P 500 and Nasdaq but the Dow closed higher.