00:00Euler, the market doesn't like it.
00:02Not at all, no. We're having, I guess, another sense of Monday morning deja vu, I think,
00:07with things having turned sourer on the US-Iran front. It's hard to see exactly where things are
00:14going to go from here, but we've got Brent crude back up around $105 a barrel this morning,
00:20and that is sending bonds down across the globe this morning.
00:24Yeah, and the situation in the UK even more so because of politics layered on top.
00:30Yes, yes. It's hard to extrapolate exactly how much of the impact on UK bonds is coming
00:36from political drama versus international, but UK bonds are underperforming those elsewhere
00:43quite substantially this morning. That is obviously after they outperformed on Friday,
00:47perhaps surprisingly given that the election results were coming through showing heavy
00:51blows for Labour, but there wasn't really any clear, credible challenge coming forward,
00:57so I think there was a bit of relief there which may have been premature.
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