OIL: Oil Loadings from Sheskharis Halted Since Wednesday: Bloomberg

Incoming PM Andy Burnham is circumspect on the prospect of the imposition of some form of wealth tax on coming to office. Speaking on Gary Lineker's podcast, Burnham says, "I’m not going [to] rule things out right now. I do believe we need a greater sense of fairness[...]. But at the same time, I don’t want to be perceived as somebody who’s coming in with grudges [...] We are going to have to work quite hard to make sure we can pay our way. And at some point that might be having to ask for a little more. But those decisions are not for now. They’re for another day.”

• The increasing expectation that Home Secretary Shabana Mahmood will be made Chancellor of the Exchequer (UK FISCAL: FT follows I's story that Mahmood to be next Chancellor) does little to offer clarity on the likelihood of 'wealth taxes', whether in the form of a land tax or equalisation of capital gains tax with income tax, given her previous ministerial focus on domestic policy.
• Regarding the future of UK-US relations under President Donald Trump, Burnham was relatively vague, saying: “I’ll just meet him where he’s at....I like to think I’ve got some personality myself ...I’ll deal with him very upfront in the same way I think he likes people to deal with him. [...] it’s about being yourself, isn’t it? It’s about respecting the office, the relationship, the UK-US relationship. But...where you disagree, do it, but do it in a way that is kind of meeting him where he’s at.”

Gilt futures have inched another ~10 ticks higher following that FT story on Mahmood, which broadly confirmed reports from the I earlier. Yesterday’s highs have now been cleared, with futures +20 ticks on the session at 87.54. Initial firm resistance remains 88.07, the July 10 high. Rallies short of this level are considered corrective from a technical perspective.

Unedited, check against delivery: Bank of Canada - July 15 2026 Press Conference (MNI Rough Transcript).pdf