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[MARKET UPDATE] Gilts open lower by 15 ticks as the initial readout from the UK local elections is not as bad as some feared for Labour, potentially providing limited/temporary respite to PM Starmer. Reminder, numerous key councils are yet to report.

The initial results from the UK local elections suggest a less negative outcome for Labour than anticipated, which may provide temporary relief to PM Starmer.

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European Movers: Evonik (EVK GY) +1.4%, Enel (ENEL IM) +0.4%, Intertek (ITRK LN) -7.3%, IAG (IAG LN) -4.6%, Commerzbank (CBK GY) -1.4%

Nintendo (7974 JT) says Switch 2 profits after the price hike will be roughly equal to last year's

[MARKET UPDATE] Gilts open lower by 15 ticks as the initial readout from the UK local elections is not as bad as some feared for Labour, potentially providing limited/temporary respite to PM Starmer. Reminder, numerous key councils are yet to report.

Turkish Industrial Production YoY (Mar) Y/Y -1.1% (Prev. 2.2%)

Turkish Industrial Production MoM (Mar) M/M -0.8% (Prev. 2.6%)

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However, as many key councils have yet to report, the overall political landscape remains uncertain, potentially influencing market sentiment and gilts further as the situation develops.

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