Starmer Rebuffs Calls to Resign, Gilts Open Lower on Risk | The Opening Trade 5/12/2026

Keir Starmer was facing growing pressure to step down as Britain’s prime minister after dozens of members of Parliament, including Cabinet allies, joined the calls for him to set out a timetable for his departure.

The pound extended losses and Gilts came under further pressure, with the yield on 10-year notes jumping beyond 5.10%. The yield on 30-year debt hit its highest level since 1998.

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, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:47 – Market Check
00:02:37 – Keir Starmer Resignation Pressure
00:04:24 – Trump, Iran Ceasefire Doubts
00:06:01 – Korea Floats ‘Citizen Dividend’ from AI Gain
00:09:06 – Softbank French AI Data Center Talks
00:09:16 – Japan’s Katayama on Bessent, FX Policy
00:10:20 – Trump to Meet Xi Jinping
00:13:35 – Trump Says Iran Ceasefire on ‘Life Support’
00:25:54 – Munich Re CFO on Earnings, Iran War
00:36:54 – Will Prove Doubters Wrong: Starmer
00:50:55 – UK Bonds Slip
01:09:23 – Kospi, South Korea Tech Stocks
01:16:10 – Dollar, Yen Check
01:19:16 – UK 30-Year Yield at Highest Since 1998
01:22:38 – JPMorgan EMEA co-CEO Matthieu Wiltz
01:28:20 – Wallenius Wilhemsen CEO on Iran War, Ship Escorts out of Gulf
01:31:55 – UK Bank Stocks Fall
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