Research Alert: PM hopeful Andy Burnham's first major economic/vision speech at 06:30 ET (10:30 GMT)

The setup: This is Burnham's first major economic/vision speech as Labour leadership frontrunner, delivered in Manchester. He's effectively three weeks from No.10, if he remains the only candidate, the speech comes exactly three weeks before he enters Downing Street, with a handover by July 17th. So markets are treating this less as a mayoral address and more as a quasi-pre-PM statement of intent. Burnham has become a proxy for investor anxiety about UK fiscal direction, given his past "in hock to the bond markets" comments and op-eds floating nationalisation - What's been trailed: The headline framing is devolution, not fiscal: a "No 10 in the North," a "circuit-breaker" for Britain, and "good growth in every postcode," billed by allies as the biggest shift of power from Whitehall in modern times. On the economy specifically, the key pre-brief - via The Times - is that he's set to double down on Reeves' fiscal rules as part of an effort to reassure bond markets that he's a safe pai...