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Hard to pinpoint a direct driver of the second-round bid in core global FI markets, continued focus on Chinese equity weakness (and a move off best levels for Euro Stoxx 50 futures) and geopolitical worry centred on the Middle East provide the most obvious headline points, although both were already established during the Asia-Pac session.
Prime Minister Rishi Sunak has confirmed that Chancellor of the Exchequer Jeremy Hunt will still be in office at the time of the next general election amid increasing speculation that the gov't could announce sizeable personal tax cuts in the 6 March budget statement. This comes ahead of a general election that is widely expected to take place in Q424.
Source: The Times/Sunday Times, YouGov. Fieldwork 10-11 Jan
As per Bloomberg: