Gilts Steady as Investors Await More Policy Details From Burnham | The Opening Trade 7/21/2026

UK government bonds posted small moves as investors awaited fresh policy details from new Prime Minister Andy Burnham, while weak economic data dimmed bets on higher interest rates.

He later named former Defense Secretary John Healey his Chancellor of the Exchequer. Healey has pushed for more military spending, but is broadly viewed by markets as a safe pair of hands with previous Treasury experience.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:28 – Market Check
00:02:34 – Burnham Picks Healey as UK Chancellor
00:05:22 – More US Strikes on Iran
00:07:30 – Farnborough Air Show, Defense Companies
00:13:21 – UK Gov. to Cut Taxes on Electricity Bills
00:21:29 – US Megacap Earnings
00:33:21 – Helsoldt CEO Oliver Dorre
00:42:58 – UK Gilts to Lag Peers: MLIV
00:47:39 – Stocks to Watch: UK Stocks, Novartis, Swatch
01:09:08 – Houthies Threaten Maritime Blockade
01:17:32 – Leonardo CEO Lorenzo Mariani
01:28:05 – US Imposes New Canadian Tariffs
01:31:47 – S&P Futures
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