UK Politics & Global Market Update

Starmer Under Siege from Within His Own Party

UK Prime Minister Keir Starmer is facing escalating pressure from his own Labour Party. Cabinet ministers have reportedly urged him to outline a clear plan for leaving office, as over 70 Labour MPs have called for his resignation and several ministerial aides have stepped down.

Starmer's recent speech did not stem the rebellion.

London Mayor Weighs In

London Mayor Sadiq Khan stated he is not currently calling for a change of Prime Minister. However, he issued a stark warning, saying Labour has not been "bold enough" or "brave enough" and cautioned that the party risks electoral loss.

In a significant policy divergence, Khan also argued that Labour should commit to rejoining the European Union at the next general election, describing Brexit as "the biggest act of economic self-harm."

Political Context

This political turmoil arrives just ahead of the King's Speech on Wednesday, during which the government will outline its legislative priorities for the coming session.

International Developments: Oil & US-China Relations

Oil prices rose after US President Donald Trump stated that the ceasefire with Iran is on "life support" and characterized Iran's counterproposal as "garbage."

In a major diplomatic move, Trump is scheduled to land in China tomorrow alongside several high-profile CEOs, including:

• Elon Musk
• Tim Cook
• Larry Fink
• Kelly Ortberg

Market Summary

Global markets presented a mixed picture: