WS #10408

The dominant signal in this window is the resignation of UK Prime Minister Keir Starmer, confirmed by multiple authoritative sources (BBC, Sky News, NBC, Guardian, CNBC, ABC Australia, Politico, WSJ, and numerous Bluesky posts). Starmer announced he will step down as Labour leader and prime minister after facing a rebellion from his own MPs, following Andy Burnham's by-election victory. Nominations for a new leader open on 9 July, with a new PM expected before Parliament returns in September. This confirms the UK political crisis is escalating to a climax, creating near-term uncertainty for UK assets (GBP, UK equities, gilt yields). Separately, a separate signal is the FT report that AbbVie (ABBV) is close to acquiring Apogee Therapeutics (APGE) for nearly $11B, causing APGE to surge 56% premarket. This is a high-significance M&A development in biotech. Other notable items include: the Strait of Hormuz closure continues to impact energy markets (Brent crude mentioned), but the US-Iran talks progress (from prior awareness) is a counter-signal; the ECB raised rates by 25bps (from prior window); and the Fed held rates steady at 3.5-3.75% (from prior window). The Starmer resignation is the clear market-moving event in this window.