UK: Labour Set To Comfortably Hold West Lancashire In Today's By-Election

Feb-09 16:24

A by-election takes place in the northern English constituency of West Lancashire today, with the main opposition centre-left Labour Party set to hold the seat with an increased majority. While a poor result for PM Rishi Sunak's Conservatives is already baked in, should the party fall to third place it could pile more pressure on the PM to offer some assistance to households in the upcoming Budget statement on 15 March.

  • The by-election takes place as the incumbent Labour MP Rosie Cooper leaves for a job in the healthcare sector. Labour's majority in the 2019 general election stood at 8,336 on a vote share of 52.1%, with the cenre-right Conservatives in second on 36.3%.
  • Given that the outcome of the vote is widely expected, the by-election has not gained much press attention. The seat has been held by Labour since 1992.
  • The outcome could gain more notable attention in the press should the Conservatives perform particularly poorly, but with the Conservatives polling around 20% behind Labour nationwide the expectations are already very low.

Historical bullets

CANADA: USDCAD Lifts Further Off Yesterday’s Bearish Extension

Jan-10 15:59
  • USDCAD briefly hits session highs at 1.3445, 1.344 (+0.4%) currently, with CAD roughly midpack of majors, as equities reverse an earlier gain coinciding with Powell’s prepared remarks not commenting directly on monetary policy plus more recently oil slipping.
  • The pair moves further off yesterday’s low of 1.3357 that forms initial support after the recent bearish extension, but remains within yesterday’s range and away from resistance at the 50-day EMA of 1.3529.
  • US CPI on Thu remains firmly in focus with key CAD indicators next week with the BoS/CSCE surveys (Jan 16) and CPI (Jan 17) before BoC Jan 25.

GILT AUCTION PREVIEW: Jan 17 Auction Of New Oct-25

Jan-10 15:58

DMO to sell the following at Jan 17 auction:

  • GBP4.0bln of New 3.50% Oct-25 Gilt (ISIN: GB00BPCJD880)

EGB OPTIONS: Bund Call Fly Buyer

Jan-10 15:56
  • RXH3 141.5/143.0/144.5 call fly bought for 6.5 in 2k