Best case for UK markets under Burnham: a centrist chancellor like Wes Streeting and creative fiscal policy (e.g., war bonds). BOE's next move is more likely a cut than a hike, contrary to market pricing, as the UK labor market is weaker than 2022. Tech remains a cornerstone asset but is liable to pullbacks after extreme concentration and hot flows.

All four major central banks (Fed, ECB, BOJ, BOE) are raising rates, pushing Treasury yields higher and raising discount rates on equities, setting the stage for a correction in fully-valued Nasdaq/S&P. UK gilt yields could spike further if a left-leaning chancellor like Ed Milliband is appointed.

SpaceX's 16% drop is driven by passive fund rebalancing, quick return to market for debt after equity raise, huge capital needs, and short-dated options activity. Longer-term investors still buy the opportunity, but near-term volatility is high until August earnings.