{"id":63533,"date":"2026-06-22T04:38:14","date_gmt":"2026-06-22T08:38:14","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/keir-starmer-to-resign-as-uk-prime-minister-spacex-shares-slide-post-ipo\/63533\/"},"modified":"2026-06-22T04:38:14","modified_gmt":"2026-06-22T08:38:14","slug":"keir-starmer-to-resign-as-uk-prime-minister-spacex-shares-slide-post-ipo","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/keir-starmer-to-resign-as-uk-prime-minister-spacex-shares-slide-post-ipo\/63533\/","title":{"rendered":"Keir Starmer to Resign as UK Prime Minister; SpaceX Shares Slide Post-IPO"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>UK Prime Minister Keir Starmer has announced his resignation<\/strong>, following a collapse in party support and a &quot;brutal&quot; series of cabinet confrontations; a successor is expected by September.<\/li>\n<li><strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>) shares fell 3.58% in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading<\/strong> to approximately <strong>$201<\/strong>, extending a volatile pullback after its record-breaking <strong>$75 billion<\/strong> IPO and the controversial <strong>$60 billion<\/strong> acquisition of AI startup Cursor.<\/li>\n<li><strong>France and Germany reached a landmark deal on tank maker KNDS<\/strong>, becoming equal shareholders to pave the way for a <strong>\u20ac15 billion to \u20ac18 billion<\/strong> dual-listing IPO in Frankfurt and Paris.<\/li>\n<li><strong>US and Iranian negotiators concluded high-level talks in Switzerland<\/strong>, agreeing to a 60-day roadmap for a final deal and a &quot;de-confliction&quot; mechanism for Lebanon.<\/li>\n<li><strong>Australian police executed the nation\u2019s largest-ever cocaine seizure<\/strong>, uncovering <strong>2.7 metric tons<\/strong> of the drug with an estimated street value of <strong>$572 million<\/strong> (AUD 816 million).<\/li>\n<\/ul>\n<h2>UK Political Crisis: Starmer Steps Down<\/h2>\n<p>British Prime Minister <strong>Keir Starmer<\/strong> has officially announced his intention to resign, ending weeks of intense speculation regarding his leadership. The decision follows a &quot;brutal&quot; weekend of reflection and cabinet meetings where senior ministers reportedly described him as a &quot;drag on the ticket.&quot; Starmer confirmed he will remain in office until a successor is appointed, with a transition timetable aiming for a new leader by <strong>September 2026<\/strong>.<\/p>\n<p>The resignation was precipitated by disastrous local election results and the rising popularity of rivals like <strong>Andy Burnham<\/strong>, who is widely viewed as a frontrunner for the premiership. Downing Street staff were briefed on the decision early Monday morning by Chief of Staff <strong>Vidhya Alakeson<\/strong>, shortly before a lectern was positioned outside Number 10 for the formal announcement.<\/p>\n<h2>Market Volatility: SpaceX and Defense IPOs<\/h2>\n<p>Shares of <strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>)<\/strong> dropped <strong>3.58%<\/strong> in Monday\u2019s <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> session, continuing a sharp retreat from its post-IPO high of <strong>$225<\/strong>. The stock has faced selling pressure since the company announced a <strong>$60 billion<\/strong> all-stock deal for AI coding startup <strong>Cursor<\/strong>, which analysts at <strong>Morningstar<\/strong> warned would cause &quot;sizable dilution&quot; for existing shareholders. Despite the recent slide, the stock remains significantly above its <strong>$135<\/strong> IPO price.<\/p>\n<p>In Europe, the defense sector is bracing for the imminent IPO of <strong>KNDS<\/strong>, the Franco-German manufacturer of Leopard 2 tanks. The German government has agreed to purchase a <strong>40% stake<\/strong> from family owners to match France\u2019s holding, valuing the company at up to <strong>\u20ac18 billion<\/strong>. The deal, which includes a &quot;golden share&quot; for Germany to ensure strategic balance, clears the path for a dual-listing in <strong>Frankfurt<\/strong> and <strong>Paris<\/strong> as early as July.<\/p>\n<h2>Geopolitical and Commodity Developments<\/h2>\n<p>High-level negotiations between the <strong>United States<\/strong> and <strong>Iran<\/strong> concluded their first round in B\u00fcrgenstock, Switzerland. Mediators from <strong>Qatar<\/strong> and <strong>Pakistan<\/strong> reported progress on a roadmap toward a final agreement within <strong>60 days<\/strong>, including a communication line to prevent incidents in the <strong>Strait of Hormuz<\/strong>. Market observers are closely watching for a potential <strong>60-day US Treasury waiver<\/strong> on oil sanctions, which could significantly impact global crude supplies.<\/p>\n<p>On the commodities front, <strong>LME copper inventories<\/strong> fell by <strong>2,925 tons<\/strong> to <strong>349,225 tons<\/strong>, while <strong>aluminum<\/strong> stocks dropped <strong>1,500 tons<\/strong>. Meanwhile, <strong>China\u2019s oil imports<\/strong> continue to trend at 10-year lows, though analysts suggest a recovery may be imminent as Iranian barrels potentially re-enter the market following the Swiss diplomatic progress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways UK Prime Minister Keir Starmer has announced his resignation, following a collapse in party support and a &quot;brutal&quot; 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